But, as management commentary in the press release implies, FedEx is now a tale of bad year-over-year comparisons that don't reflect improving trends in macro-metrics. If investors focus on that reality, and consider that the economic climate may be improving, then they might give FedEx the benefit of the doubt. It's all about forward prospects at this point. If you look at a stock chart for the company, you'll see that this is exactly what seems to be going through the minds of investors.

Actually, this sentiment is going through the mind of the market as a whole. And it makes it tough for a trader and/or investor to make a decision on a business like FedEx. Since jobs are still an issue, one would have to assume that risk remains for every entity out there. We've heard reports about consumers saving a lot more than they used to, and we know that the upcoming holiday season won't be a cakewalk for retailers.

Admittedly, I've missed the awesome run-up in FedEx. Should I buy now and get in on the action? I don't feel particularly compelled to do so. To be fair, the company did generate a higher quantity of cash from operations during the quarter (management said cash flow will be a priority), but it still has a fair amount of work to do in terms of identifying further cost-cutting opportunities. I don't want to chase a stock that I think needs a better margin of safety attached to it. I concede: I probably will turn out to be wrong about FedEx given the existing sentiment. It's okay; I'll just look elsewhere.

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