MGM Resorts International $MGM has been in correction mode since the start of 2018 after it cracked the $38 per share mark. It has come down to just under $22 per share in December before a V-shape reversal. Note that this reversal coincided with the overall market rebound, although it has outperformed the S&P500 in 2019 for example (19% vs 9%).Earnings Beat: The Q4 Earnings report came out after the 2/13 session, and showed that earnings and revenue beat estimates. Here's a summary from ZACKS:MGM Resorts International (MGM - Free Report) reported impressive results in fourth-quarter 2018, wherein earnings and revenues outpaced the respective Zacks Consensus Estimate. Adjusted earnings of 14 cents surpassed the consensus estimate of 13 cents. Earnings also compared favorably with the year-ago quarter’s break-even profit. Total revenues of $3,052.9 million outpaced the consensus mark of $2,954 million and increased 17.5% year over year. The improvement was backed by higher revenues at both gaming and non-gaming facilities. Following the quarterly results, shares of MGM Resorts declined 1.7% in after-hours trading. However, in the past six months, the stock has gained 0.5% against the industry’s 6.4% decline....From MGM Resorts (MGM) Earnings & Revenues Surpass Estimates in Q4 (Zacks.com)MGM Daily Chart(click to enlarge)Market Structure:- There are a couple of key things to say about the market structure.1) The overall market still appears bearish, especially when looking at the weekly chart. 2) BUT, price has broken above a falling trendline and has broken the pattern of lower highs. If it also breaks the pattern of lower lows, and makes a low above $22, we can be looking at a bullish development. - So far, we can maybe say that MGM has turned from bearish to bearish-neutral. - In this scenario, I would only consider buying if price falls back to $24, and only a small position at that level.- In this case, I would still hold some dry powder around $20 (middle of a previous consolidation range between $18 and $24 (see weekly chart). MGM Weekly Chart(click to enlarge)