As someone who has been trading for 20 years I encourage you to not trade Q reports, at least not the day before the report. I can guarantee the market will crush you and you won't even know why. I tried trading Q reports for several years and never could accurately guess how the market would respond the next day. I had Q reports that looked horrible but the stock would trade up 20% the next day and reports that looked like the company hit the ball out of the park, only to trade down 10%. If you're going to trade Q reports then wait until after the report and look for moves that don't make any sense, such as the move by FL today. It's very likely this stock will recover in the next week or two, assuming the overall market doesn't crash. Even then, because the stock has gone down on a good report, any losses you might have will be limited. As it stands, if you bought before the report then you have 8% to make up just to break even. Unless you are going into a report with a gain then you are taking a huge, and in my opinion, unnecessary risk. Wait until the dust settles after a report and then trade on knowledge, not hope. Good luck.