There is little room for adjustment with short-term trades such as this held over earnings. A 17% return in a few days would be nice, but the possibility of losing 100% is also very real.

Amazon stock is holding near highs with Q2 earnings due Thursday after the close. Here's why an iron condor trade makes sense.

A covered call strategy for Microsoft can give you an annualized yield of 10%. That crushes the 1.3% yield of the S&P 500.