Traders are jumping into weekly options to trade upcoming earnings. I'm Angela Miles covering weekly options expiring this Friday and next Friday.

Starbucks (SBUX) turns in earnings after the close. The straddle at the 81 strike is pricing in about a 3% move up or down. Last year, the market suggested a 5% move off of earnings. There more upside calls than downside puts trading in the early going with an emphasis on the 82 strike call strike.

Friday will be a major day for earnings news. GE reports tomorrow. And, for now, there are more puts than calls on the move. As GE trades $24, puts are active at the 22.5 strike and calls at the 24 and 25 lines. The 24 straddle is predicting around a 3% move by Friday's expiration.

McDonald's also reports results tomorrow and despite negative calls by analysts that business is slowing at its restaurant chains, calls are active in the Weeklys. The stock is trading $90 and calls are active at the 92 and 92.5 strikes (some of that may be a spread) along with puts at 89. The straddle prices in a 2.2% move. It's tough to tell but, there is a chance traders will short MCD and buy calls to cover for an upside surprise. Just a thought.

Next Tuesday Apple and Yahoo report earnings...

Apple is trading today at $110 with 110 and 112 calls in demand for this Friday's expiration. The straddle for this week at 110 prices at $1.80 and next week, the earning week, the 110 straddle prices in at $650. Quick reminder, a straddle is the simultaneous purchase of a put and a call

Yahoo has some bullish call buyers going into earnings on Tuesday. The stock is trading $48 and traders are already building positions in the 51 strike.  The straddle next week at the 48 strike suggests a $4.30 move.

Amazon has been active this week even though earning are not due until next Thursday. As AMZN trades $305, calls are active at 300 to 310 along with put players at 290 into Friday's expiration and next week 310 calls continue to be in motion with puts down to 270 getting action. The straddle at $305 suggests AMZN could see a $24 swing up or down following earnings.

I want to give a quick mention to Facebook, which popped up on the most active list. There's a demand for 78 call contracts as FB trades $77.

And, as the market reacts to the latest stimulus decision by the ECB, hedgers are stepping into weekly SPX put options expiring this Friday at the 2,000 strike (with the 1,915 strike showing some activity as well). At the same time a bulk of SPX calls are trading at the 2,030, 2,050 and 2,080 lines.

That's it for now. Follow me on Twitter @AngieMiles.