If you're looking for a stock that you can ride higher even if the market can't sustain a bullish rally, you might want to take a look at AutoZone, Inc. (AZO).

AutoZone has been on a tear since November 2009 -- rising at a 45-degree angle on its chart from $135 to $200. Whenever the overall market has pulled back, AutoZone has withstood the bearish pressure and moved higher.

With all the mixed signals driving uncertainty and worry lately, the consensus has been a foggy windshield with no clear direction. We can't even tell if one of the largest bear market rallies in history is fizzling or pausing.

On Wall Street, uncertainty is certainly a buzz killer for the irrationally exuberant. If you need a towel to wipe away the fog, take a look at Your Cheat Sheet to the Psychology of Market Cycles.

While contemplating where we're headed, let's take a look at some data points that indicate the US has the potential to lead the world out of this recession ...

Analyst Upgrades

• Baird upgraded C.H. Robinson (CHRW) to outperform from neutral and has a $67 target on the stock. The firm upgraded shares citing growth opportunities given the capacity constrained environment.
• UBS upgraded Navistar (NAV) to buy from neutral, citing improved trucker preferences towards the company's engine technology.
• KeyBanc upgraded Crane (CR) to buy from hold based on valuation stabilization and potential upside in aerospace, among other reasons. The firm has a $39 target on the stock.
• United Therapeutics (UTHR) was upgraded to overweight from neutral at JPMorgan.
• Equifax (EFX) was upgraded to overweight from equal weight at Stephens.
• Brown & Brown (BRO) was upgraded to buy from hold at Citigroup.
  

Analyst Upgrades

• UBS upgraded JPMorgan (JPM) to buy from neutral and has a $50 price target on the stock. The firm cites valuation for the upgrade.
• Morgan Joseph upgraded Deere (DE) to buy from hold, citing strong U.S. demand for combines and tractors, favorable fundamentals in Brazil, and expectations for improved domestic construction-equipment demand. The firm has a $75 price target on the stock.
• Wells Fargo upgraded Venoco (VQ) to outperform from market perform to reflect increased confidence in the company's Monterey Shale potential.
• GlaxoSmithKline (GSK) was upgraded to buy from hold at Jefferies.
• Tenet Healthcare (THC) was upgraded to positive from neutral at Susquehanna.
• Agnico-Eagle (AEM) was upgraded to outperform from sector perform at RBC Capital.

Below are some highlights from this past week's earnings coverage on BloggingStocks. Click through to the original posts for more details.

• Ann Taylor Stores Corp. (ANN) shares rallied on heavy volume after it posted better-than-expected Q1 earnings.
• AutoZone Inc. (AZO) Q3 earnings easily beat consensus expectations and same-store sales rose sharply.
• Borders Group Inc. (BGP) posted a wider operating loss, decreasing gross margin, and a same-store sales decline.
• Campbell Soup Co. (CPB) posted strong Q3 results and offered guidance, boosting shares on a down-market day.
• Costco Wholesale Corp. (COST) posted better-than-expected Q3 results, due in part to a surge in membership sales.

AutoZone (AZO) is working today while just about everything else isn't (seems that way, at least). With the Dow comfortably below 10,000 (unfortunate phraseology, to be certain), the car-related stock is up 4% to $191.64 as of this writing. Volume is very good.

That is not far at all from the 52-week high of $193.74. Furthermore, the company's chart looks mighty tempting. It says to an investor, "Buy me!" It says the same thing to a trader, too. This is a situation where momentum appears to be an attractive alternative to all the ugly volatility.

U.S. stocks market futures fell sharply again Tuesday morning, around 2.5% for the major indices' futures, indicating stocks are set for a big sell off that will take the Dow Jones Industrial Average index back below the 10,000 level. Already nearing 9-month lows, markets were set to begin the session lower as a combination of North Korea military action threats against the South and more Spanish banks woes further shook investors' confidence.

South Korean monitors said that Kim Jong Il last week ordered the military to get ready for combat. South Korean officials could not immediately confirm the report and the Defense Ministry and the Joint Chiefs of Staff said they have not obtained any signs suggesting unusual activity by North Korea's military. But that was enough to send South Korea's market down 2.8%. Other Asian markets followed suit with Japan's Nikkei 225 stock average shedding 3.1%, Hong Kong's Hang Seng index falling 3.3%, and other markets dropping 2% to 3% or more.

Both Walmart (WMT) and BJ's Wholesale Club (BJ) reported strong quarterly results last week, suggesting that discount retailers are still doing well even as the economy seems to be coming around. This week, Costco (COST) and Big Lots (BIG) take their turns in the earnings spotlight, and analysts surveyed by Thomson Reuters expect a strong showing from them as well.

And we'll round out this preview of the coming week with a look at expectations for AutoZone (AZO), Canada's big banks, and Trina Solar (TSL).

Auto parts chain AutoZone Inc. (AZO), which I first discussed here on March 30, 2009, at a price of $163.40, appears to be back on the move.

Look for AutoZone to post 2010 revenue growth of 4% to 6%, boosted by both same store sales growth and the addition of about 180 new stores. Margins should widen.

AutoZone is benefiting from a recession-related trend: Adults unable to buy new cars are maintaining their existing used cars; others are purchasing used cars instead of new ones; both these practices are bullish for AZO.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• AutoZone Inc. (AZO) reported better-than-expected Q2 earnings, as well as sales and gross margin growth.
• Big Lots Inc. (BIG) beat Q4 earnings expectations, raised its guidance, and lifted its share repurchase program.
• Carmike Cinemas Inc. (CKEC) swung to better-than-expected profit in Q4 and reported strong sales growth.
• Ciena Corp. (CIEN) reported a bigger-than-expected Q1 net loss and some revenue growth, and offered guidance.
• DISH Network Corp. (DISH) posted a year-over-year increase in Q4 revenue but also a decline in per-share earnings.

AutoZone (AZO), a distributor of replacement items for motorized vehicles, posted a very good second quarter on Tuesday. Net sales increased 4%, and earnings per diluted share went into high gear, rising over 21% to $2.46. According to our earnings preview, the analysts were expecting only $2.34 per share.

Gross margin experienced an expansion, as did the return on invested capital metric (the latter being measured over the trailing four quarters). Both of these developments indicate that execs are skillfully managing the underlying fundamentals of the business. Domestic same-store sales didn't rise as robustly as they did back during the first quarter, moving up only 1%. I would have liked to have seen a better stat on that one, but overall, I'm not going to complain too much, unless I detect a weakening trend in coming months.

The Federal Reserve's next Beige Book report is scheduled to be released this week. This report is a compilation of anecdotal information on current economic conditions from each of the 12 Federal Reserve Bank districts, and it is released eight times a year. The data comes from interviews with business contacts, economists, market experts, and other sources. The previous report, released in January, showed some improvement in most districts and growth in consumer spending over the holiday period, though unemployment remained high. The December report showed modest improvement in eight of the districts.

Retailers were in the earnings spotlight last week and for the most part made a strong showing of it. Even as the earnings season winds down, some more retailers are scheduled to release quarterly results this week.

Analyst upgrades:

• Jefferies upgraded CME Group (CME) to Buy from Hold and has a $330 target on the stock. The firm believes increased regulatory concerns have created a buying opportunity and notes that CME Group's fundamentals are stable-to-improving.
• Susquehanna upgraded Priceline.com (PCLN) to Positive from Neutral and has a $230 target on the stock. The firm believes Priceline.com likely outperformed expectations in Q4.
• Citigroup upgraded AutoZone (AZO) to Buy from Hold citing an attractive valuation, favorable industry trends, and the potential for margin expansion. The firm raised its target price on shares to $188 from $176.
• Genzyme (GENZ) was raised to Sell from Conviction Sell at Goldman.
• Disney (DIS) was upgraded to Neutral from Underweight at JP Morgan.
• Exxon Mobil (XOM) was upgraded at Collins Stewart to Buy from Hold.

Is the market overpriced? Maybe it is cheap, or perhaps it is fairly valued. This is the third in a series examining the issue. Still, it has been my contention that it does not make any difference because no matter how the market is valued as a whole, there are plenty of cheap stocks out there to accommodate a large amount of capital allocation even this deep into a bull run.

If you would like to follow along from the beginning, the initial post screened stocks for lower than market average P/E ratios: Serious Money: Market Looks Cheap to Me -- 35 Stocks. In the second installment, I looked at yield and PEG ratios: Serious Money: Still Cheap Market -- 35 Stocks + Yields & Growth.

Let's try and reduce the gambling by examining the facts and ignoring what the bulls and bears are chatting up at the moment. We started the process by screening for lower than market average P/E ratios, see: Serious Money: Market Looks Cheap to Me -- 35 Stocks.

Two more important criteria influence today's review: the yield, a favorite of "my pal Warren"; and the price-to-earnings-to-growth (PEG) a focus of Peter Lynch, the retired fund manager extraordinaire of Fidelity's Magellan Fund.