Here's the level to watch in Costco as retail earnings roll in

Despite its recent sideways trading, the ETF's chart looks "strong," with a nearly 21% gain year to date, Gordon said.

Given Costco's strength, Gordon wanted to put on a bullish trade through the company's Dec. 12 earnings report. Costco closed at $304.59 on Thursday, up less than 1%. To do so, Gordon bought the $305 call options and sold the $315 call options expiring on Dec. 13, one day after Costco's fiscal first-quarter earnings results. The $10 spread, which represents a bullish bet that Costco could rally over 3% by the expiration date, cost him $4.43 to execute at the time of the trade.

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