Big Picture

25 of the 500 stocks in the S&P 500 report earnings today, next week we get the brunt of earnings seasons with about 25% of the stocks that have Weeklys reporting earnings.  The oil market continues to attract a lot of attention and oil futures topped $50 for the first time since early June.  USO skew appears below with risk appearing to be priced in equally on the upside and downside. 

USO Skew


Overnight / Pre-Market

The Bank of Japan left interest rates unchanged and pushed out their expectations for the resumption of inflationary pressures.  The ECB also left rates unchanged and noted that their version of QE will be discussed in the fall. 

Looking Forward

Earnings season continues and accelerates with several large stocks reporting after the close today or before the open tomorrow.  The table below highlights three-year price reaction histories to earnings announcements for stocks that have Weekly options available for trading. 

Earnings 07202017

The full list of these stocks can be found at

The list of companies with Weeklys reporting next week should be posted on the CBOE Blog site later today, saying the list is extensive is not doing it justice. 

Upcoming CBOE Webcasts

July 26th at 3:30 Central – Dan Sheridan discusses The 15-Day Butterfly in SPX

More information and registration at

Today in History

On this day in 1969 Neil Armstrong was the first man to set foot on the moon.  He is famous for saying, “That’s one small step for man, one giant leap for mankind.”  He was a bit nervous, who wouldn’t be, and he had planned to say, “That’s one small step for a man”.   

Moon Picture