Apple Earnings as American as Apple Pie

As Apple Inc. has only grown in market capitalization and ubiquity, its quarterly earnings report has taken on a life of its own, complete with the "oohs and aahs" one would expect to hear at a Fourth of July fireworks show. 

Regarding the technicals, AAPL is in a downtrend with a confirmed, massive top in place. The stock is widely-owned and widely-loved, and had trouble holding over $100 even for a modest bounce. Simply put, the trend is down and therefore if push comes to shove we cannot be surprised if there is a negative reaction to whichever numbers Apple announces tonight. 

Still, earnings add considerable risks to all trades, long or short, and any fancy options strategy, to boot.

Inside Market Chess Subscription Services, we are focused on a list of AAPL suppliers, such as SWKS, to see if they provide actionable trades after the report and into tomorrow. 

So enjoy the show tonight. But don't forget that AAPL is still in bad shape, and it would likely take a move back over $124 to negate the damage done.