Bank of America: Make these 35 cheap options trades now to profit from earnings surprises this week

• Earnings season is underway, and investors can use options to profit from beats and misses alike.
• Bank of America compiled a list of 35 buy-rated stocks reporting earnings in the coming days.
• Investors can use long calls or short puts to position themselves for relatively cheap.

Earnings season is in full swing, which means earnings surprises have begun to crop up — giving investors an opportunity to profit.

In a note to clients published July 24, Bank of America head of US equity and quantitative strategy Savita Subramanian wrote that 89 companies had reported earnings as of the beginning of this week, comprising about 25% of the S&P 500’s total earnings.