I have seen this so many times....when the economy becomes such that people stop buying new cars, the auto parts retailers share prices always do well. The logic makes sense. I see it in other industries at various times...I call it the cheap-out switch...consumer moves to a lower priced alternative. No different than shopping more at Walmart versus some more expensive store(everyplace is more expensive than WMT).

Problem is that in the auto part retailer space, this activity is always shortlived. Issue is that people's cars just dont last that long and going the spare parts versus new car route is just borrowing time before you got to scrap the old clunker.

MNRO shares are up huge already and now trade at a p/e of 20. As long term investment MNRO will not hold a p/e of that level. For short term traders, I got no clue what to expect.