While accessories may be doing well, so too is another group: auto parts companies. Specifically, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, pointed out that the group has been "very, very hot" and has bullish technical patterns in the charts to back it up.
Genuine Parts trades like the stock is going to receive a takeout offer, O'Reilly has been "consistently good" and AutoZone has "just been the best," Cramer explained.
As for Advanced Auto Parts, Cramer highlighted the company's strong commitment to buying back stock, noting that it's the best buyback of all the stocks traded on the New York Stock Exchange.
Investors can see just how powerful a buyback it is, as the share float has shrunk considerably over the past five years.
The average car on the road is nearly 12 years old and constantly needs to be repaired or updated. That's been a boon for the auto parts companies and is one of the major reasons to like these stocks, Cramer reasoned.