On Today's Assignment, markets showed minimal movement following the FOMC meeting, with traders focused on upcoming tech earnings. During the segment, the S&P 500 suddenly dropped 2.5 points, indicating volatility may be returning.

E and Dr. Jim discussed their Google earnings trade from last week, which benefited from IV crush despite minimal price movement. They're now positioning bearishly for Microsoft (MSFT) and Meta (META) earnings, selling out-of-the-money call spreads with 60% probability of profit.

Both traders noted the market's resilience and expressed skepticism about continued upward momentum. They placed similar bearish positions on both tech giants ahead of earnings, with September expiration dates to provide sufficient time for the trades to work.

The segment concluded with a discussion about risk management, emphasizing the importance of managing downside risk when facing market uncertainty.