You’ve heard all the hype about earnings and you know the cold hard facts. The market is looking even more closely than usual at profit reports this earnings season – believing they could signal where the economy might be heading.

Investors have sent major indexes down about 7 percent since mid-June on the belief that a more than 40 percent run-up in stocks this spring was unwarranted considering the problems that still plague the economy such as rising unemployment and flagging consumer confidence which soured.

So, how are options traders betting as the heart of earnings season gets underway? Find out from Scott Nations. Watch the video now!

FAST MONEY // Latest Rapid Recap

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Current DateTime: 05:31:59 27 Nov 2009
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• • Halftime Report: Dubai - First Ripple Of Larger Crisis?
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Current DateTime: 05:31:59 27 Nov 2009
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Trader disclosure: On July 10th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman's Firm Owns (MSFT), (PBR); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (RIG); Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Is Short (SPY), (USO), (BWA), (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm And Finerman Own (FLS); Seymour Owns (TSO); Terranova Owns (TER), (FTO), (SUN), (RIMM), (MSFT); GE Is The Parent Company Of CNBC

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of  (ABD), (CBL), (CAL), (CLB), (DLR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (TNB), (UA), (WBMD);Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of  Seagate Tax Refund Rights

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