The market is anxiously waiting for JPMorgan Chase & Co. (NYSE:JPM) to announce earnings this Friday before the open. And even more anticipated is CEO Jamie Dimon’s second-half forecast for the bank.

Traders are not expecting any surprises in actual Q2 earnings. This is due to all the news about the busted trade that could cost JPM between $4 and $8 billion dollars. JPM would have somehow provided some warning on core earnings during this crisis, but they didn’t.

But I believe JPM will announce better-than-expected core earnings and a forecast that mirrors weakening economic data for theU.S.and the world. In other words, a muddle.

But the Street isn’t pricing JPM’s options as if the announcement will be a muddle. Premiums on weekly options are through the roof. With the stock trading north of $34, there are two ways to trade JPM by selling weekly put options.

Trade #1: Sell a JPM July Week 2 $33 put for $0.51. By selling a $33 put, which would be in the money if the stock declines more than 10%, you get an annualized return of more than 16% on the position. And if you sell $33 puts, and they expire worthless, you have a 101% annualized gain.

Trade #2: Sell a JPM July Week 2 $32 put for $0.29. If they expire worthless, you have a 50% annualized gain.

Michael Shulman is editor of Options Income Blue Print. Learn more about trading weekly options in this free short video.