08/21/2009 05:12 am ET Updated May 25, 2011

How Low Can Apple Go?

So Apple (AAPL) reports tonight. And the public is so nervous about what St. Stephen might say that the options trade at about a 52-week low in volatility terms.Yes that's correct -- 52-week lows ahead of news. You don't see that too often unless you look at something like Coca-Cola (KO).Now we have a few things going on here. It's summer and volatility is seasonally low now to begin with. But of course it was summer last year too and if you squint on the top chart you can see the equivalent options traded at a near 60 volatility then ...

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