Disney beat on the top & bottom line, pushing stock futures to a slight gain.   But the March Trade deficit with the worst number in 6 1/2 years, dragged futures lower.  Economists that blamed the West Coast port strike on the preliminary Q1 GDP number, now have the surge in goods being processed to blame for the deficit.  Revised GDP will be an interesting number to watch.  Earnings other than DIS a mixed bag this morning.  Shanghai off 4% overnight, Australia is said to have cut rates. Oil up over $1.  What, the Bulls beat Lebron in Cleveland last night in a playoff game?  Volatility as an asset class:

Netflix (NFLX) is up $13.30 to $568.20 in the premarket on BofA/Merrill upgrading two notches to Buy from Underperform with a $722 price target, up from $350.  May call option implied volatility is at 25, June is at 26; compared to its 26-week average of 35.

Sprint (S) is flat in the premarket after reporting a Q4 loss of (6c). May call option implied volatility is at 61, June is at 45; compared to its 26-week average of 50.

Panera Bread (PNRA) closed at $183.02 into announcing the removal of at least 150 artificial sweeteners, colors, flavors and preservatives from its menu. May call option implied volatility is at 19, June is at 18, August is at 22; compared to 26-week average of 18.

Equities options volume @ CBOE 406,583 calls, 530,097 puts, 936,680 total cboe.com

Options expected to be active @ CBOE: NFLX DIS DVN ADM EL S TSLA

CBOE S&P 500 Skew Index (SKEW) at 121.68. SKEW measures the purchase of out-of-the-money S&P 500 Index puts that require a very large downside move to profit from long put positions. An increase of this index indicates greater expectations for an extreme down move.

CBOE S&P 500 95-110 Collar Index CLL @ 680.88 www.cboe.com/CLL

CBOE S&P 500 BuyWrite Index (BXM) at 1121.59. cboe.com/bxm

CBOE DJIA BuyWrite Index (BXD) at 273.59.  cboe.com/micro/bxd/

‏CBOE Nasdaq-100 Volatility Index (VXN) at 15.25, compared to its 50-day moving average of 15.61.

CBOE S&P 500 Short-Term Volatility Index (VXST) at 12.84, compared to its 10-day moving average of 12.38 VXST is a market-based gauge of expectations of 9-day stks.co/r0CS2

Velocity Share VIX Short Term ETN (VIIX) at 27.88, compared to its 10-day moving average of 28.61

iPath S&P 500 VIX Short-Term Futures (VXX) at 20.63, compared its 10-day moving average of 21.18.

CBOE Volatility Index (VIX) at 13.12, compared to its 50-day moving average of 14.08 cboe.com/VIX

SPDR S&P 500 ETF Trust (SPY) rallied to the plus side after Disney's earnings.  The European Commission raised its euro-area growth forecast today as dwindling fears of deflation and monetary stimulus help the economy overcome pressure from the continuing crisis in Greece.

Calls with increasing volume at CBOE:

HAL  6/19/2015   50 50K contracts XLF   6/19/2015   25 30K AAPL  5/8/2015 130 8K SPY     5/8/2015 215 8K GILD 5/15/2015 105 5K CVC       9/18/15   20 4K