Wal-Mart Stores (NYSE: WMT) scared Wall Street Tuesday with its cautious predictions for the second quarter, but what is bad for everyone else just might be good for Wal-Mart. This certainly seems to have been true with first quarter results – Wal-Mart had strong sales as a tough economic environment drove consumers on a budget to the company's low-priced megastores.

Though there is justified debate about how far this logic can hold true: at a certain point, consumers are so strapped for cash that their spending on non-essential items will slow to a point that it outbalances the increased purchase of necessities at Wal-Mart. But, despite the doom and gloom on the evening news, it appears that Americans are nowhere near ready to curb their spending or their debt.

For instance, Wal-Mart actually had exceptionally strong consumer electronic sales for the first three months of the year. If anything has changed from then, it is the perception and price of gas. A gallon of gasoline has edged towards or passed $4.00 a gallon, and this symbolic shift may cause consumers to finally put their money where their mouth is by actually controlling spending habits.

If this happens, it will indeed be bad news for Wal-Mart. In the meantime, it seems as if the economy has not changed what people buy but just where they buy it... which is very good news for Wal-Mart.

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