Considering Three Earnings Plays

This article originally appeared on on Sept. 3, 2014 at 3:30 p.m. To read more content like this AND see inside Jim Cramer's multi-million dollar portfolio for FREE... Click Here NOW.

I have stepped aside from my bond short again as all my downside targets were hit and now Treasuries are bouncing. I feel like we are back into a neutral risk-reward on either side of the trade.

I will add I'm impressed with the strength in the Europe, China and the emerging markets today. I half expected to see one more small push lower before any of them bounced -- if Europe was going to bounce at all -- but we simply did not see it.

Checking earnings into tomorrow and I was surprised to find three stocks that have post-report trades that seem worth a shot. The three stocks are Joy Global  (JOY) , Ciena  (CIEN) and Verifone Systems  (PAY) .

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The trade on JOY requires a purchase of September monthly slightly in-the-money calls at the close. The stock has moved 5.5%, 3%, -1.4% and 11% from the close tomorrow to its maximum height before the monthly expiration. After Thursday, I anticipate the monthly at-the-money calls will only be pricing in a premium around 2% to 2.2%, so something a bit deeper could be at 1.5% or less.

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