It appears the rally in the financials is not dead after all. While the hyperbolic move is over there is substantial pullback from the near term highs. Most of the financial name pulled back 10% or more over the last week causing a nice pop in the near term IV. The good news is that the near term vol jumps in front of the earnings vol. One of my favorite time spreads is to buy earnings juice and sell near term juice for flat or better vol.