Earnings disappointments from Macy's (M) - Get Macy's Inc Report and Nordstrom (JWN) - Get Nordstrom, Inc. Report have raised questions about the strength of the consumer. However, Rahul Shah, CEO of Ideal Asset Management, said investors should relax, because Santa Claus is still coming to town: He just may be taking a different route from the North Pole this year.
"Amazon (AMZN) - Get Amazon.com, Inc. Report actually gave a good earnings report," said Shah. "So what we see is continued growth in e-commerce, and along those lines, we think that the consumer might actually be stronger than what the market is pricing in at the moment."
Of course, a lot of those holiday purchases will be shipped, so Shah is bullish on FedEx (FDX) - Get FedEx Corporation Report , which has dropped about 8% so far in 2015, despite low gas prices and a job market that's getting healthier.
"On a five-year estimated growth rate, analysts are expecting FedEx to deliver 14% growth and UPS to deliver 10% growth," said Shah. "We think that dynamic augurs well for FedEx shareholders going forward."
Shah is also positive on Apple (AAPL) - Get Apple Inc. Report , which has seen its shares rise more than 2% year-to-date, calling it a blue chip, high-quality technology stock that will receive a lot of play from gift-giving consumers this Christmas.
"Apple is trading at 10 times forward earnings and if it trades at a reasonable valuation of 15 to 20 times forward earnings, I think you are looking at over 50% upside here," said Shah. "And at the current valuation, the downside in a worst-case scenario is pretty low."
"There are new video ads that will increase prices, not to mention Instagram and WhatsApp," said Shah. "For a long-term investor, we still think there are sizable gains to be made in Facebook."