Don't Forget to Revisit the Legends of This Season

A common mental trap during earnings season is to have a defeatist attitude, insofar as mumbling "Aw, shucks, I missed that big move in this particular name I knew to be a winner, and now I will not be able to get in on the long side anytime soon."

While earnings season can often be frustrating in that reward, with a darned-if-you-do play earnings, and the stock gaps down on your long, and a darned-if-you-don't, when the stock gaps up, a more sensible approach well within our grasp would be to simply revisit some of the clear earnings winners this season after a reasonable period of time. 

Wingstop, below on the updated daily chart, is a heavily-shorted fast-casual chicken wing chain with tons of room for growth across the country. Recent earnings were, well, spicy and delicious for longs, and there is not much about the chart now to dislike. 

Since WING's earnings rally, the stock has flagged out a few days to initially alleviate the very overbought conditions. If WING can hold $53 now and curl back up, it looks to be a quality long setup to play the newfound momentum in many restaurant-related names. 

Elsewhere, ROKU was an initial earnings winner, but as we have been noting for Members that $40 level has been acting like a brick wall for a while now, and is this morning, too. BKNG (Priceline) is an earnings loser but is generally still a monster market leader. I want to see if buyers defend $2000 in the coming weeks to put a floor back under the name.