Apple, Inc. posts earnings today after the market close, in what is likely to be the most heavily-watched release this quarter. As of right now, AAPL is down about half a percent at $601, and it seems likely to stay around there until the close. Weekly options are trading at 65% implied volatility, compared to 36% for August options, and the move implied by the current ATM/OTM options is around 5.5%, or $33, in either direction. It’s tempting to, say, sell a wide strangle outside that range and collect something like 7 or 8 dollars, but we’re likely staying away. AAPL has been consolidating since breaking $600 a few weeks ago, and this move could be a large one. If you’re dead-set on taking a position, you might consider something with defined risk, as AAPL has a history of large moves. The biggest player in the market is sitting quietly at its desk, waiting for the bell to ring - and we’re not getting it in its way today.
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