Wal-Mart (WMT) serves as a big umbrella for a lot of retailers. We now realize that the numbers from Costco (COST) and from, well, Wal-Mart before this, may be too downbeat.

Wal-Mart (WMT) serves as a big umbrella for a lot of retailers. We now realize that the numbers from Costco (COST) and from, well, Wal-Mart before this, may be too downbeat.

And those that have any success at all, like Urban Outfitters (URBN), Ross Stores (ROST) and TJX (TJX) -- as opposed to the dollar stores -- are getting a higher multiple on their somewhat consistent earnings.

And those that have any success at all, like Urban Outfitters (URBN), Ross Stores (ROST) and TJX (TJX) -- as opposed to the dollar stores -- are getting a higher multiple on their somewhat consistent earnings.

And those that have any success at all, like Urban Outfitters (URBN), Ross Stores (ROST) and TJX (TJX) -- as opposed to the dollar stores -- are getting a higher multiple on their somewhat consistent earnings.

Dollar Tree's (DLTR) a tough one because the trade-down theory is at work everywhere except, perhaps, at the ultimate trade-down. I wonder if it is execution, and I know that Family Dollar (FDO) has some margin improvement to come, so it might make a good buy down 2.

Dollar Tree's (DLTR) a tough one because the trade-down theory is at work everywhere except, perhaps, at the ultimate trade-down. I wonder if it is execution, and I know that Family Dollar (FDO) has some margin improvement to come, so it might make a good buy down 2.

Now, we also see that Visa (V) and MasterCard (MA) -- two hedge fund faves -- are able to be generals for retail, even though those who know these companies understand these are secular plays on the switch from paper to plastic.