TCB is trading $17.16 with IV30™ up 10.2% today and earnings BMO tomorrow. <img src="http://1.bp.blogspot.com/_hMry1m7UF10/TD4AMNNIDTI/AAAAAAAADhY/KF7ZRPvmMIU/s1600/tcb_summary.gif"> The Options Tab snap (<a href="http://livevol.blogspot.com/2010/07/tcb.html">in the article</a>) demonstrates a couple of things: 1) The front month ATM straddle is worth ~$0.95. 2) The front month vol (88) is 46 points above the second months (42) because expo is so close and everything is just earnings vol. TCB has followed a consistent pattern for five out of the last six earnings starting with the 1-22-2009 cycle and ending with the last earnings cycle on 4-22-2010. Specifically, a straddle sale at the close on the day of earnings and a purchase back the day after was a winner five times. The Earnings & Dividends Tab for those cycles is included with the relevant values highlighted (<a href="http://livevol.blogspot.com/2010/07/tcb.html">in the article</a>). <img src="http://2.bp.blogspot.com/_hMry1m7UF10/TD4ANJQJAtI/AAAAAAAADho/uzP097F25zo/s1600/tcb_ed_recent.gif"> <img src="http://2.bp.blogspot.com/_hMry1m7UF10/TD4ANTwYmdI/AAAAAAAADhw/TWkMBeBdN-0/s1600/tcb_ed_older.gif"> <b>What we're lookin' at:</b> (1) The top ROW is TCB stock price 5 trading days before earnings through 5 trading days after. (2) The second ROW are the front 2 month ATM straddles for the same period - focus on purple - the front month. (3) The third ROW is the implied vol for those straddles - focus on the red - the front month. NOTE: The red line always collapses after earnings - this is called the vol crush after earnings. The trade statistics for the straddle sale and purchase a day later are included (<a href="http://livevol.blogspot.com/2010/07/tcb.html">in the article</a>). We can see that even though it was a winner 5/6 times; the average win is pretty small (and this doesn't include commissions) because of a big loser on 10-21-2009. The stock gapped and the ATM front straddle went up in value to parity (even though there was a vol crush, stock moved). Again, since expo is Friday, and earnings are Thursday morning, this is essentially pure earnings vol in the options. A $1.00 sale seems like it could be worth a small bet for the gambling type. This is trade analysis, not a recommendation. Details, trades, prices, vols, charts here: http://livevol.blogspot.com/2010/07/tcb.html