The second week of earnings season is when the action really starts, with around 90 S&P 500 companies scheduled to report this week.

The big banks typically hog the spotlight in the early going, and we’ve already seen reports from JPMorgan Chase (NYSE:JPM) last week, and Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) this morning.  Results have been mixed, with Citigroup impressing the Street the most so far.

Waiting to step up to the plate this week is U.S. Bancorp (NYSE:USB), which reports on Wednesday after the close.  Analysts expect USB to earn 62 cents per share, a 38% increase from a year ago.

That may sound rather optimistic, but it’s modest compared to the average 50% quarterly growth seen during the past four quarters.  The company has an enviable track record, as it hasn’t missed an estimate in the past 10 quarters.

Performance after recent reports has been solid. The shares have gained ground following four of the past five reports, averaging +4.5% a week after reporting.

The stock is currently in the midst of an uptrend punctuated by higher highs and higher lows.  The shares are up more than 19% off their August low, with the 20-day moving average providing support throughout the rally.  The stock is currently pulling back to the 20-day, which offers an attractive entry point for a pre-earnings trade.

Sentiment toward USB is mixed, with 18 of 33 covering analysts rating the stock a “Buy.”  That tells us there’s enough skepticism available to fuel the rally, should some of these analysts move into the “Buy” camp.

We’re not looking for a huge rally from USB.  But given its recent record of earnings success and performance after reporting, look for the uptrend to continue.  With October options expiring this week, we’re going out to November for this trade to give the rally time to play out.  Buy the USB Nov 24 Calls for around $1.30.