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Options Action: Earnings Season

Earning seasons kicks off next week, with Alcoa getting things started Monday after the close.

How are options traders positioning into this important quarterly report?

Get all the details from Mike Khouw of Cantor Fitzgerald. Watch the video now!








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Trader disclosure: On July 7, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns (XOM); Terranova owns (HAS); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX); Jon Najarian owns (AAPL) calls; Jon Najarian owns (AMKR) calls; Jon Najarian owns (BIDU) calls; Jon Najarian owns (DANG) calls; Jon Najarian owns (SINA) calls; Jon Najarian owns (UA) calls; Jon Najarian owns (WNR) calls; Finerman owns (AAPL); Finerman owns (BP); Finerman owns (CVS); Finerman owns (IBM); Finerman owns (JPM); Finerman owns (MSFT); Finerman is short (SPY), (MDY), (WM); Finerman owns S&P puts; Finerman owns S&P calls; Finerman owns Russell 2000 Puts

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of DOMINO'S PIZZA UK & URL PLC
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Mike Khouw
Cantor Fitzgerald is a market maker in (AA)
Cantor Fitzgerald is a market maker in (AAPL)
Cantor Fitzgerald is a market maker in (AMZN)
Cantor Fitzgerald is a market maker in (C)
Cantor Fitzgerald is a market maker in (CSCO)
Cantor Fitzgerald is a market maker in (CVS)
Cantor Fitzgerald is a market maker in (DAL)
Cantor Fitzgerald is a market maker in (EBAY)
Cantor Fitzgerald is a market maker in (GS)
Cantor Fitzgerald is a market maker in (JPM)
Cantor Fitzgerald is a market maker in (GOOG)
Cantor Fitzgerald is a market maker in (XLF)
Cantor Fitzgerald is a market maker in (XLE)
Cantor Fitzgerald is a market maker in (NFLX)
Cantor Fitzgerald is a market maker in (NYX)
Cantor Fitzgerald is a market maker in (MSFT)
Cantor Fitzgerald is a market maker in (YHOO)

For Karen Finerman
Finerman's firm owns (AAPL)
Finerman's firm owns (BP)
Finerman's Firm owns(CVS)
Finerman's firm owns (JPM) and (JPM) leaps
Finerman's firm owns (MSFT)
Finerman's firm owns (TGT)
Finerman's Firm owns (USO)

CNBC.com with wires.