Trading Block: Earnings today (before the bell): Wal-Mart, Hormel Foods, MSG Networks); (after the bell): Gap, Ross Stores. Wal-Mart closed at $73. ATM straddle $2.75, approx. 3.8%

Options #QuestionoftheWeek: $VRX $26.66 up 7% Monday. IV30 is 63. HV30 is 99. Looking out 1 month would you rather:

• Buy Calls?
• Buy Puts?
• Sell Premium?
• Will not touch $VRX

Odd Block: Calls trade in JA Solar Holdings Co. (JASO), puts trade in iPath SP Crude Oil ETF (OIL), puts roll in Eli Lilly and Co (LLY), and puts trade in Harley-Davidson Inc (HOG).

Strategy Block: Uncle Mike Tosaw discusses long-term collars and bonds.

Mail Block: Listener questions and comments

• Question from RealRK: Speaking about bonds, any better option than buying puts on HYG in anticipation of rate hikes and since it was lagged the price of oil?
• Question from Vegs: Lots of big fat options OI tied to big ES 2200. How do I see this information? Does this mean big traders are betting on 2200? Does that mean pros or retail?

Around the Block: Earnings highlights for Friday include: Deere & Company, Estee Lauder Companies, Foot Locker, Stein Mart