Trading Block: Earnings today before the bell

• Hess Corp.
• ConocoPhillips fell at least 6.1 percent.
• Banks retraced their best rally in more than a month Friday, with Bank of America Corp. down 3.1 percent.
• McDonalds Corp. gained after the fast-food giant earnings beat analysts forecasts as all-day breakfast helped fuel U.S. sales.

The Fed begins a two-day meeting tomorrow. The probability of a rate increase this week has stayed low after the December liftoff, and chances of a March boost have fallen to one-in-four from even odds at the start of the year.

Odd Block: Calls trade in Consumer Discretionary SPDR (XLY), and calls and puts trade in Patterson-UTI Energy, Inc. (PTEN)

Mail Block: Listener questions and comments

• Question from Sean - What is the characteristic for trading options when the price nears even strike levels?

Around the Block: Earnings!

• Tuesday - Apple Inc., AT&T, Procter & Gamble
• Wednesday - Facebook
• Thursday - Amazon, Electronic Arts, Ford Motor Company, Microsoft, Alibaba Group Holdings, Xerox Corporation

• Friday - Google