Next week brings in a bevvy of earnings plays, but not all are worth of a premium selling, implied volatility contraction play.

These are the best among the offerings currently to play either via short strangle or iron condor, although others could naturally come to the forefront if implied volatility increases dramatically immediately before earnings .

NFLX: implied volatility rank/percentile: 48; implied volatility: 57. Ordinarily, I look to enter these plays when the implied volatility percentile is greater than 70% and the implied volatility is greater than 50%, so I'd like to see vol a bit higher here. Announces earnings on Monday after market close, so look to put on a play shortly before the end of the NY session. Preliminarily, a 78% POP April 29th 94.5/130 short strangle is offering a $185 credit/contract, but it could also be played via iron condor for a smaller, although not insubstantial credit.

YHOO: implied volatility rank/percentile: 56; implied volatility: 42. The vol metrics aren't great here, but worth a watch for a small play. Announces earnings on Tuesday after market close. Preliminarily, a 72% POP April 29th 33.5/39.5 short strangle goes for $71/contract.

GOOG: implied volatility rank/percentile: 45; implied volatility: 29. Another one to watch, but the vol metrics aren't really there right now. Announces earnings on Thursday after market close. Preliminarily, a 76% POP April 29th 700/820 short strangle will bring in $788/contract, but due to the size of the underlying, I'd probably go iron condor here. The other drawback of the underlying is poor liquidity, so look for a fill of any setup up somewhat above the mid price.

Naturally, there are others that may pop at the last minute, so it's a good idea to watch all of them as their earnings come up one by one, keeping in what to look for in good earnings plays (See Posts Below).

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