Believe it or not, earnings season is winding down rapidly. Oh, there are plenty of companies yet to report this season, but the big-name sizzle has mostly passed. Next week is one for department stores, with Macy’s (NYSE:M), Kohl’s (NYSE:KSS), Nordstrom (NYSE:JWN), J.C. Penney (NYSE:JCP), and Dillard’s (NYSE:DDS) taking center stage.

Among the higher-end retailers on the docket is Polo Ralph Lauren (NYSE:RL), which steps into the confessional on Wednesday before the open. There are two things you can say about RL and earnings: Analysts are usually way off with their estimates, and the stock moves after reporting. How much? Try an average of 8.7% in just the one day after the past four reports.

RL usually beats the consensus earnings estimate by a wide margin. Last quarter was the first miss after 14 straight beats. For what it’s worth, analysts expect a modest 20% increase in EPS from a year ago, so another beat is likely. What’s more, fellow upscale retailers such as Coach (NYSE:COH), Jones Group (NYSE:JNY), and Tempur-Pedic (NYSE:TPX) have all beaten their estimates this quarter.

RL has dropped a quick 10% from its all-time closing high on July 21 to Tuesday’s close. But the stock found a base at the $125 level and bounced back to cling to its 50-day moving average. The shares have recently been in an uptrend marked by sharp pullbacks to support, so the stock is due for another leg higher.

Investor sentiment toward RL is largely positive, but not dramatic enough to cause any worry. This is not a sentiment-based play anyway — it’s about a high-end retailer that typically pops after earnings. With the recent pullback giving us a better entry point, it’s time to jump aboard RL before earnings. Buy the Aug 130 call for five bucks or less.

Have a great trading week.

Chris Johnson will appear on CNBC at 4:40 pm EDT on Thursday to discuss his research on certain ETFs and key technical trendlines.  If you can’t catch the interview live, CNBC.com will have an archive of the video.   Be sure to check it out.