NEW YORK (TheStreet) -- Gun sales hit a record high in September for the 17th consecutive month, according to data released Monday from the FBI. Overall gun sales are up 27% year-over-year for September.
In addition, background checks in September totaled 1.9 million.
"Amazing numbers," Fox Business' Ashley Webster said, specifically about the background check figure, on Tuesday morning's "Varney & Company."
While a background check is a prerequisite for a sale, it doesn't guarantee a sale for a customer, Webster pointed out.
The high background check number could partly be a result of fears that President Barack Obama may try to "restrict" 2nd Amendment rights before he leaves office in January, he pointed out.
"Gun sales - gun stocks I should say - are a proxy for the election," noted Fox Business' Stuart Varney. "If Hillary Clinton wins, gun stocks go up. If Donald Trump wins, gun stocks go down."
"Is that too abrupt?" he asked Rosecliff Capital analyst Michael Murphy on the show.
"I think that might be a little too abrupt. I look at stocks like Smith & Wesson. (SWHC) Smith & Wesson is almost 20% down from its recent high. That's where I'd want to step in and start accumulating a position in a stock like this," Murphy said.
Shares of Smith & Wesson were lower in late-morning trading on Tuesday.SWHC data by YCharts