LULU announces earnings on Wednesday before market open, so look to put on your setup before close on Tuesday.
This is what I'm looking at tentatively right now:
April 8th 53.5/68.5 short strangle Probability of Profit: 73% Max Profit: 124/contract Buying Power Effect/Max Risk: 616/undefined
Notes: This is a tentative setup. Naturally, a lot depends on how much LULU's volatility rises here, as well as how much its price moves before the announcement. Also, I don't think I'm going to see $1.24 come Tuesday, although you never know (.92's the low; 1.24 the mid; 1.55 the high for this setup).
I'll also try to post a defined risk iron condor if I can work out a setup that'll yield something close to a $1.00 credit (100/contract) ... .