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The IV in JPM has stayed flat at 27. This may be normal for the banks, but I haven’t really traded banks that often.

The expected move over the earnings report, which is before tomorrow’s open is $1.99, which is a 3% move. That figure assumes that the estimates are correct and guidance is fairly neutral. If either one of those assumptions are incorrect, then the move could be higher.

I would prefer a bit of a shock, or a huge shock actually, and see a 20% move.