AAPL only went up a few point after earnings this time last year.
Quote from ForexForex:
The cheapest way, and maybe the best way to play AAPL earnings is with the QQQ options, since AAPL makes up 12% of the QQQ. A QQQ 57P / 58C strangle is only $0.78. Should be a tad cheaper tomorrow.
http://finance.yahoo.com/q/os?s=QQQ&m=2011-07-21
Buy on Tuesday July 19 just before market closes, and sell on Wednesday July 20.