I think I am going to agree with Wesley on this one. As recently as yesterday I was thinking this chart looks like a trap and they couldn't possibly live up to expectations. But it's when it seems *that* obvious that you run the other direction. I also get suspicious when I see articles like this one, which make it seem like a no-brainer just based on the technical movement of the stock: http://blogs.marketwatch.com/cody/2011/07/19/how-to-trade-apple-into-tonigh... So I am going to flip-flop and go long on the earnings. If only I had the cajones to buy some calls. But really it is a crap shoot, and the biggest gamble on Wall Street this week.
Side note: the optionistics.com Strike Pegger has the July options pegged at 355, but on these big high profile gambles, that doesn't always mean very much. I'll be contrarian, I guess.