In today's Market Measures, Tom Sosnoff and Tony Battista discuss recent market movements, highlighting declines in major indices like the Nasdaq (NDX) and S&P 500 (SPX). They delve then delve into a study on upcoming earnings reports, emphasizing the randomness of earnings reactions, with historical data showing a near 50/50 split in stock movements after announcements. Finally, they argue that selling implied volatility during earnings remains effective due to a significant percentage of overstated moves, suggesting careful risk management is essential for traders.