Buy Puts on NKE after Earnings

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My earlier post on NKE             mistakenly said earnings come out Tuesday. NKE             is actually releasing its' earnings report after market hours on Thursday 9/27.

After the release of earnings it might be wise to purchase puts on nke             . If I you were holding options right now you might want to get out now. Reason being, the implied volatility is nearly doubled its historical average, which is typical for a company right before earnings . The problem is NKE             has different ways to play out that does not give a high degree of certainty to hold options right now. Especially with the IV as high as it is.

Right now NKE             is at a point where it can have a positive reaction to its earnings and rise in a ii wave to as high as 100, or even more bullishly in a c wave to 104. The flip side is NKE             can plummet due to a possible very bearish 1-2 i-ii set up.

In conclusion, it would be best to wait until after earnings release from NKE             to play the downside, especially with options. The risk right now in options is very high due to the possible bullish rise from earnings and fall of IV in which case you can get doubly burned. It would be best to sit and wait until Friday to see how the market will react.
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