Now that interest rates are rising, money is fleeing interest-rate-sensitive value stocks and migrating into growth stocks. Also, all that money that’s been invested in index funds has become very restless. The reason is because the S&P 500 has under-performed the broader market for the last few years.

Ever since the stock market bubble burst in March 2000, growth stocks have been out-of-favor. But after 15 quarters in a row of double-digit earnings growth, the second-longest economic expansion since the Reagan era, record earnings, record tax revenues, the lowest unemployment claims in over five years and rising consumer optimism, we’re now in the midst of a great era for buying growth stocks with reasonable P/E ratios.

What’s fascinating is that the most enthusiastic cheerleaders for the stock market have been officials at the Federal Reserve. New Fed Chairman Ben Bernanke has already proven to be extremely well-spoken and is helping to inspire investor confidence.

Although Bernanke is known to favor strict inflation targets, Wall Street has convinced itself that the Fed’s last rate increase will occur at the Fed’s March 27 meeting. Wall Street’s perception is that due to lower housing and gasoline prices, inflationary forces are moderating and the Fed can finally take a break from raising interest rates. That means big gains for us. How much? By my analysis, our average stock at Emerging Growth would have to DOUBLE before I would call it fairly valued!

Since we never know how the market will perform or what the Fed will do, I’ve always believed that an investor’s best defense is a strong offense of fundamentally superior stocks. When you have stocks that you know are going to report strong sales and earnings growth, you can be assured that these companies will likely fare very well regardless of the economic environment.

Luckily, the economic environment is especially positive right now and investor optimism is rising. We’re in a consumer-driven economy that started 2006 much more positively than economists had expected. Economists now forecast that the first quarter will be the strongest quarter since 2003. That’s why money has been pouring into the market and chasing growth stocks, which fare the best when investors are optimistic.

The stock market is very fundamentally focused. Those stocks with strong sales and earnings are attracting buying pressure and will perform especially well. I’m expecting first-quarter earnings to be especially strong. This will be the 16th straight quarter of double-digit earnings growth. Since the stock market isn’t rallying as quickly as earnings, P/E ratios are continuing to fall.

The median sales growth of the Emerging Growth Buy List is 37.8%, and the median earnings growth is 81.5%. Thanks to explosive sales growth from a few stocks, our average sales growth is 192%. And due to widening profit margins, the average earnings growth for Emerging Growth stocks is 522%!

On such a positive note, let’s dip right in and find out about a stock that is one of twelve new buys I am recommending to my Emerging Growth subscribers right now.

This company—a top global distributor—is riding the booming business in mobile phones and their accessories throughout the world. The company acts as a middleman between manufacturers and wireless service providers. It then ships equipment to companies that sell mobile phones and accessories, including wireless carriers, dealers and retailers. The company offers a range of services that includes warehousing, contract manufacturing, call center outsourcing, customized packaging, handset programming and Internet marketing.

Historically, the company’s earnings have been substantially above analysts’ expectations, so it’s very likely to continue to post better-than-expected earnings results. The stock gets top honors on my Top 10 list for March, which means, it’s a superb buy.