Rotation and Turnarounds

In recent blog posts, we have been discussing the bulls' attempts to keeping rotating in order to hold onto the consecutive gaps higher to begin the week. 

Headed into the heart of earnings season the next few days, consider two turnaround plays tonight, too. Both CMG and WYNN have been displaying excellent price action in recent months. And their strength has likely galvanized bulls in general, in terms of the potential for rotation and turnarounds, rolled into one.

I am looking to see if both can survive their respective earnings tonight. CMG has its E. coli health scare behind it, trying to win back customers. And WYNN has its new Boston property in 2019 to look forward to, among plenty of other revenue streams. 

For now, bulls have done their job of holding onto these gaps higher on the indices. I would welcome a few days of pausing to reset some charts. But if too many market players are still out of position the market may not be done surging, just yet.