Trading Block: Earnings today include: Gamestop, Ulta Salon, Cosmetics and Fragrance. Gamestop (GME) is at $32.21, ATM straddle: $1.50, or approx. 4.6%. Stocks to Watch: Mylan, Medtronic, Signet Jewelers, Sears, Guess. Mylan NV responded Thursday to backlash over price increases for its EpiPen emergency allergy treatment by promising to reduce the costs that some patients pay, though the drugmaker stopped short of saying it would roll back prices or limit future increases. Shares rose 2.18% to $44.09 premarket. What to expect from Fed Chair speech at Jackson Hole.

Odd Block: From 8/24) Earnings call buyers in HP Inc. (HPQ), Jan vertical buyers in United Continental Holding Inc. (UAL), call buying across strikes in Goldcorp Inc. (CG), and put spread buying in Big Lots Inc.(BIG).

Strategy Block: Uncle Mike Tosaw discusses trading covered calls, even when they are not paying a lot.

Mail Block/Options #QuestionOfTheWeek:

$USO is trading at $11, up 19% in Aug. The Sep ATM straddle is at $.80, 10 Puts at $.10, 12 Calls at $.09.

Would you:

• Sell the Straddle
• Buy the Straddle
• Buy put/Collar
• Sell Put/Bull Risk Revers

Around the Block/This Week in the Market:

• Aug 26: GDP, International Trade, Consumer Sentiment