#Earnings BTC $DIS Aug 12th 96.5 calls for 1.08 (avg price). Sold as part of iron butterfly for 1.58 on Tuesday. Small profit, but profit nonetheless.

#Earnings Sold to Open $RGLD Aug 19th 87.5/85 put spreads for 1.25. A partially ITM bullish spread, playing the trend and gold bullishness. Also, if it drops on earnings, it will have 10 days to recover. 1:1 risk/reward.

#Earnings Sold to Open $DIS Aug 12th 94.5/96.5/98.5 iron butterfly for 1.58. Over last 3 years, Biggest UP move: 7.6%, Biggest DOWN move: -9.2%, Average move: 3.3%. This trade profits best if DIS ends week with less than a 2% move either direction.

Max risk .42.

#Earnings Following trade is VOIDED. Mistake on entry; I did not get these prices so I’m closing for a small loss now, not worth the risk.

Sold to Open $CHTR Aug 12th 215/220/250/255 iron condors for 1.70. Over last 3 years: Biggest 5-DAY UP move: 5.5%, Biggest DOWN move: -8.0%, Average 5-day move: 3.9%. This trade is about 6.3% OTM on each side.

#Earnings Looking like a good morning for neutral trades on earnings… not much movement. I love the smell of IV-suck in the morning.

#Earnings Sold to Open $PCLN Aug 19th 1340/1360/1380 iron butterfly for 18.75.
This trade will profit if PCLN is between 1341 and 1378 two weeks from Friday. It will also be possible to leg out of there are any wild swings between now and then. Low probability, low risk (max risk 1.25). If it moves big tomorrow, it will then have time to drift back to the mean.

#Earnings $PCLN Over last three years, Biggest UP move: 11.2%, Biggest DOWN move: -9.6%, Average move: 5.8%. To be outside the biggest moves, with stock at 1370.00, you’d need the 1215/1525 strangle, about 3.00. To be at the average move, the 1290/1450 strangle… about 20.00 (too risky). A condor somewhere between the max and the average may be best bets. Other thoughts?

Here is the history:
May 4, 2016 BO -7.50%
Feb. 17, 2016 BO 11.24%
Nov. 9, 2015 BO -9.56%
Aug. 5, 2015 BO 5.23%
May 7, 2015 BO -4.00%
Feb. 19, 2015 BO 8.46%
Nov. 4, 2014 BO -8.41%
Aug. 11, 2014 BO 2.16%
May 8, 2014 BO -2.09%
Feb. 20, 2014 AC 2.54%
Nov. 7, 2013 AC 4.91%
Aug. 8, 2013 AC 3.87%

#Earnings The $CMI Aug 5th 112/132 strangle is an option… Over last 3 years, CMI’s 5-day moves after ernings: Biggest UP move: 8.6% , Biggest DOWN move: -7.7% , Average move: 5.2% . Ten points OTM is about 8.2%, so some risk but a decent shot if you’re comfortable with naked options. Or you cold try a condor, maybe one strike closer, but that’s pretty low premium.

#Earnings 2 and 2 this week… ALXN and AMZN worked out. Scaling out now of BMY (small loss) & BA (small profit). Both dropped too much to hit the center of my condor and butterfly. But both are rallying now, so I’m squeezing…

BTC BMY July 29th 76.5 puts for 1.50 or better. Part of condor sold for 1.06
BTC BA July 29th 135 puts for 1.50 or better. Part of condor sold for 1.65

#Earnings BTC $AMZN July 29th 755/745 put spread for .18. Sold yesterday for 5.00

#Earnings Selling GOOGL July 29th 765/755 put spread, hopefully for 5.00, but will take a bit less. 1:1 risk/reward for a bullish trade.

and
Sold to Open AMZN July 29th 755/745 put spread for 5.00. Same theory. Bullish on both.

#Earnings Selling an iron condor just outside the stock’s average move over last 3 years. Biggest UP move: 14.1%, Biggest DOWN move: -11.0%, Average move: 9.3%. Short Strikes are about 9.75% OTM. The last time the stock moved over 10% was April 2015 when stock was half its current price. It seems the moves have relaxed as the price has doubled.

Selling AMZN July 29th 660/670/815/825 condors… asking 1.85, not yet filled.

#Earnings Not a big mover on earnings. Slightly bullish (trend) iron condor, with a smidge better than 1:1 risk/reward:

Sold to Open $BMY July 29th 74.5/76.5/77/79 iron condor for 1.06

#Earnings Filled on ALXN trade, 117/136 strangle for 1.75.

#Earnings Sold to Open $BA July 29th 133/135/137 iron butterfly for 1.65. Max gain 1.65, max risk .35. Betting for a small move or some back and forth into Friday. Over last 3 years, Biggest UP move: 9.7%, Biggest DOWN move: -8.6%, Average move: 4.5%.

#Earnings I have been lucky this quarter since I have not gotten filled on some trades where my call was wrong… bullish spread on MBLY was not filled and it’s looking to open down over 15%.

#Earnings BTC UAL July 22nd 48 calls for .10. Now I have cleared away all risk and locked in about 1.35 profit. I will try to sell the long 45.5 puts remaining (one just filled for .13), and the long 50 calls if it rallies tomorrow.

#Earnings A couple of naked put plays, going with the uptrends in these stocks:

Sold to Open $SWKS July 22nd 65 puts for .55. Biggest UP move: 14.1% , Biggest DOWN move: -6.9% , Average move: 6.6% . This trade is 7.7% OTM

Asking .45 for $SBUX July 22nd 55 puts. Biggest UP move: 7.6% , Biggest DOWN move: -4.9% , Average move: 2.7% . This trade is 3.8% OTM.

You could also do ATM put spreads to define your risk.

#Earnings Bought to close UAL July 22nd 47.5 puts for .10. This adds an additional .10 to my risk, but sets me up well if there’s a pullback into week’s end. This trade was yesterday’s sale of the 45.5/47.5/48/50 iron condor for 1.42. Now I have no downside risk.

#Earnings This one is the opposite of MSFT… a couple of outlier larger moves, but a low average move: Over last 12 earnings: Biggest UP move: 4.5% , Biggest DOWN move: -9.8% , Average move: 2.4% .

Sold to Open $UAL July 22nd 45.5/47.5/48/50 iron condors for 1.42. Risking .58 to make 1.42 max. This will give an expiration break-even at +/- 3%. Even if there’s a bigger move tomorrow we have until Friday to drift back toward the mean.

#Earnings ShortStrangle Going for $NFLX July 22nd 86/111 strange for 1.75, settle for 1.65-1.70. These strikes are outside the average move and the post-split moves.

#Earnings Bought to close $FDX June 24th 165 calls for .20. Sold as part of condor yesterday for 3.50. This leaves me with only the put spread, meaning a rally above 162.5 by Friday gets me out of the condor for free. Max profit now 3.30, unless I’m able to sell the 170 call on a strong rally, then I get more.

#Earnings I looked at wide iron condors, but preferred the risk/reward on an iron butterfly, or in this case a very tight iron condor. Risking $150 to make $350, shooting for the week to end with a less than 3% move:

Sold to Open FDX June 24th 157.5/162.5/165/170 iron condors for 3.50. May add more contracts as day progresses, depending on intraday action.

#Earnings Fed X is normally a small mover on earnings, averaging 3.3% moves. So I would like to try a neutral trade, but last quarter it moved UP 11%, its biggest single-day earnings move since 2002. That gives me pause…

#Earnings Sold to Open $AVGO June 3rd 150/145 put spreads for 1.65. THIS IS A BULLISH TRADE. AVGO always moves up on earnings; moved down significantly only once in its 7-year history.
In its last 12 reports, Biggest UP move: 14.7% , Biggest DOWN move: -0.2% , Average move: 6.9% . This trade is 2.5% OTM.