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Trading Block: Earnings today before the bell

• Hess Corp.
• ConocoPhillips fell at least 6.1 percent.
• Banks retraced their best rally in more than a month Friday, with Bank of America Corp. down 3.1 percent.
• McDonalds Corp. gained after the fast-food giant earnings beat analysts forecasts as all-day breakfast helped fuel U.S. sales.

The Fed begins a two-day meeting tomorrow. The probability of a rate increase this week has stayed low after the December liftoff, and chances of a March boost have fallen to one-in-four from even odds at the start of the year.

Odd Block: Calls trade in Consumer Discretionary SPDR (XLY), and calls and puts trade in Patterson-UTI Energy, Inc. (PTEN)

Mail Block: Listener questions and comments

• Question from Sean - What is the characteristic for trading options when the price nears even strike levels?

Around the Block: Earnings!

• Friday - Google