But Coach, a leading designer and marketer of high-quality accessories, is an exception, due to its lucrative niche: 'accessible luxury.'

The latest Coach positives? Handbag market penetration is increasing, and expansions in the Japan and China markets will enhance global market share gains in the years ahead. Just as significant: Coach has prudently decreased prices on selected items; even so, profit margins remain impressive. The bottom line: Coach's shares are headed north. The First Call FY2009/FY2010 EPS estimates for COH are $2.07 to $2.26.

Technically, Coach's stock chart is strong – an uptrend with only minor, constructive pull-backs, and the stock recently cleared psychologically-significant resistance at $30. A pull-back this week to about $32-33 represents a good entry point to establish/add to a position.

Finally, the Sell/Stop Loss has been raised to $18.50, or to just above cost, from $8. Hence, this is a zero-risk trade for your April-bought shares.

Stock Analysis: Coach Inc. is a moderate-risk stock. If you've already purchased the company's shares, hold them. If not, consider buying a 50% position in COH now; then buy another 25% in one month, if U.S. and global economic conditions don't worsen substantially. Under any circumstance, don't buy more than 75% of your COH position before December 2009. Revised Sell/Stop Loss if you bought shares in this company: $18.50.

Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.