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This is why we don't sell cheap straddles:  We noted yesterday that AAPL IV was at extremely low levels into its earnings announcment today.  Looking at a two year chart of AAPL 30 day IV one will notice this was the cheapest IV has been over that period of time.

Chart - AAPL - Apple Inc._window_screenshot.png

LivevolX (r) www.livevol.com

The weekly straddle that expires Friday went out at an insanely cheap 22.00 a pop.  For AAPL, where typically one might expect more like 30 and on the low end at LEAST a 5% move, priced in 22.00 is an outlier...as in amazingly cheap.

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