AMEX:XOP   SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
103 0 3
Oil             and Gas stocks this earning has a lot of premium cooked up in the options.

2 x Premium than the expected moves.

Some Companies reported positive earnings and guidelines, while others did not.
Oil             Sectors around earnings are a bit tricky to trade. Some people with 10-15 years won't touch these. If you like to take a dip and have fun like me. Go for it.

Warning - Extreme Risk Management Needed

Strategy - Before the earning day, I will add a few butterfly / iron condor (what ever makes the better sense) Could Leg in as well.

After Earning - Close out the worthless side (winning side) and depending on the intraday breakout strategy, will play the remaining to close out for a breakeven or scratch off.

Ideally looking for a zero move. i.e. staying within the range after earnings (highly doubt)
Comment: PXD - reporting earnings, Expected Move = $8.5

Iron Butterfly seems to be the best options for now. Keep an eye on the Unusual option volume. I saw a short strangle at 106/120.

A neutral trade to collect premium, if i were to execute that trade it will be an Iron Condor.
Comment: Just another winner on PXD. Hope you guys are tracking this. Cooked up Premium for earnings is a great trade always.
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