Option Block 663: Earnings Palooza: AMZN, TWTR, GOOGL and More

Trading Block: Earnings! Chipotle (CMG) - ATM straddle: $20, approx. 6.25% Twitter (TWTR) - ATM straddle: $1.50, nearly 9% Amazon (AMZN) - ATM straddle: $39, approx. 4% Google (GOOGL) - ATM straddle: $41, approx. 4% Microsoft (MSFT) - ATM straddle: $1.75, approx. 2.2% Odd Block: Review from 8/7: Call frenzy in Procter & Gamble (PG) Strategy Block: Uncle Mike Tosaw discusses SPY and risk reversals. Mail Block: Listener questions and comments Question from Hawkeye - To ye merry band of Magical Voice, grease laden Meatballs, favorite Uncles, and Lobsters with Tubs of butter: I already get that SVXY, XIV, and other short ETF/ETNs can go bust overnight due to the front 2 futures doubling. What would happen if I held long SVXY puts  in an IRA and the fund had to close because the SHTF? How would I exercise them if the fund doesn't trade? I can't cover due to underlying frozen, but I can't exercise without covering because that would put me short in an IRA? Or would they still allow it as an exception? How would it all unwind? Thanks for all you guys keeping me learning, laughing, and most of all, thinking. Around the Block: Reviewing what's happening post-earnings. Earnings. Earnings. Earnings. Is North Korea testing hydrogen bombs? After-hours options trading would have been fun this week.