Thing is, though, the earnings came in better than expected, and there seems to be a feeling among investors that perhaps a lot of the bad news concerning the economy has been priced in. If you look at some of the retailers out there and study their stock charts, you actually might think that it's possibly safe to buy into this sector. Indeed, companies like Wal-Mart (NYSE: WMT), Target (NYSE: TGT), and Abercrombie & Fitch (NYSE: ANF) have bounced very nicely off their lows.

Well, I do agree that we have to start discounting better times at some point. I'm still not sure, however, that investors and/or traders should be paying up just yet for stocks. And I don't mean that valuations are expensive. They're obviously not. I just mean that I would wait for pullbacks. If shares of Bed Bath & Beyond do end up rallying through the regular session, I'd be a seller into that strength as opposed to a buyer. I just don't know if the current bullish sentiment is fully confirmed yet.

Having said that, I do believe that nimble traders can use Bed Bath & Beyond on pullbacks to make some quick money. But you've got to be careful. Most people should probably look at the company as a long-term investment. And I'd also urge investors to investigate Wal-Mart and Target, which I think might make better long-term holdings than Bed Bath & Beyond in the retail space. No matter what, though, I guess I have no choice but to feel a bit more bullish on the company.

Disclosure: I don't own any company mentioned; positions can change without notice.