Cisco Systems (NASDAQ: CSCO) is scheduled to report Q3 EPS after the market close on May 6.

CSCO May option implied volatility of 36 is above its 26-week average of 33 according to Track Data, suggesting larger movement.

Financial Select Sector-XLF overall volatility at 32; 26-week average is 35.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Royal Dutch Shell (NYSE: RDS.A) closed at $76.39. Crude futures are up 0.45% to $117.21, according to Bloomberg. RDS over all option implied volatility of 23 is near its 26-week average of 25 according to Track Data, suggesting non-directional fluctuations.

The Volatility Index for S&P 500 Options (VIX) is at 20.12; the 10-day moving average is 22.06.

Financial Select Sector (XLF) overall volatility is at 33; the 26-week average is 35.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Volatility Index S&P 500 Options: VIX up 3.30 to 27.90.

Volatility Index NASDAQ 100: VXN up 2.55 to 30.05.

Financial Select Sector: XLF March volatility at 51; 26-week average is 34.

Option volume leaders today were: Washington Mutual, Inc. (NYSE: WM), Citigroup Inc. (NYSE: C), Merrill Lynch & Co., Inc. (NYSE: MER) and The Bear Stearns Companies Inc. (NYSE: BSC) according to Track Data.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Financial Select Sector SPDR (AMEX: XLF) is recently down $1.05 to $29.46. XLF call option volume of 16,078 contracts compares to put volume of 59,665 contracts. XLF December option implied volatility of 40 is above its 26-week average is 25 according to Track Data, suggesting hedging for continued downside risk.

Dicks Sporting Goods Inc. (NYSE: DKS), an operator of 314 sporting goods stores, is expected to report EPS of five cents on November 20 according to Thompson First Call. Nollenberger Capital Partners says, "we would use this pullback as a unique opportunity to buy the stock at a compelling valuation." DKS December option implied volatility of 64 is above its 26-week average of 34 according to Track Data, suggesting larger price action.