Investors are fearful that inflation will slow spending and the economy and the Ukraine crisis have dragged consumer discretionary stocks like Costco Wholesale (NASDAQ:COST), Target Corp (NYSE:TGT) and Nike (NYSE:NKE) well below fair value. The issue here is that developments in Ukraine will likely overshadow the Fed chairman’s testimony to both houses of Congress this coming Wednesday and Thursday and the BLS report of unemployment and job gains on Friday. In our view, consumer discretionary stocks have been wildly undervalued while investors overpriced short-term issues and underpriced the long-term trends of job and wage growth.