Updated Jun 1, 2023

Q2 March 2023 Consensus:

PE = 28.8

EPS = 1.44

Revenue = 92.94 B

Apple (AAPL) reported Q1 December 2022 earnings of 1.88 per share on revenue of 117.2 billion. The consensus earnings estimate was 1.93 per share on revenue of 122.1 billion. Revenue fell 5.5% compared to the same quarter a year ago.

Q1 December 2022 Results:

PE = 25.8

EPS = 1.88

Revenue = 117.2 B

Cash = 30.22 B

Debt = 99.63 B

Assets = 128.78 B

Liabilities = 137.29

I'm posting this as a short with a 10% share hedge idea going into earnings. By using a collar strategy to hold 90% of shares and 10% of shares hedged. A collar is often used for downside insurance. Implied volatility often results in IV crush after earnings if the share price does not exceed the options premium. For example: with 1000 shares held, 1 options contract equals 10% or 100 shares.

With a wide range collar strategy sell 7/21 expiry 150 call simultaneously buy 7/21 expiry 190 put. The upside / downside, risk : reward = 10% : 20% for this options wide range collar strategy. So essentially, by using the collateral value of 10% shares, it equals 20% downside risk insurance for all 1000 shares for 3 months. If AAPL share price exceeds 170 after earnings, it only takes a +11% upside move to 189 / share of 900 shares to have the same share value as 1000 shares had at 170 / share.

*options use 100x leverage you could lose everything*

There are many types of options trading strategies and positions, simple to sophisticated & hybrids. I group them into theta, delta or mix strategies and bull, bear or neutral positions. There's a buy side and sell side to every trade. If you check the open interest (OI), you can see how liquid it is. Check how wide the bid vs ask spread is.

Theta:

iron condor

iron fly

covered call

cash secured put

calendar spread

collar

Delta:

call

put

straddle

strangle

debit spread

credit spread

Bull:

call

put credit spread

call debit spread

cash secured put

Bear:

put

call credit spread

put debit spread

covered call

Neutral:

straddle

strangle

iron condor

iron fly

collar (often used for downside insurance)

calendar spread (short or long time)

Options important variables:

Strike = share price

itm, atm, otm = strike position

Expiry = Date of expiration

Value = H, L & Mark

Liquidity = bid vs ask spread

Direction = put or call

OI = open interest

V = volume

IV = implied volatility

Delta = price

Theta = time

Vega = volatility

Gamma = momentum

Comment

AAPL options data:5/5 expiry

Put Volume Total 44,024

Call Volume Total 96,946

Put/Call Volume Ratio 0.45

Put Open Interest Total 139,519

Call Open Interest Total 173,449

Put/Call Open Interest Ratio 0.80

Highest Volume call strike 175 / 24,940

Highest Volume put strike 167.5 / 12,183

5/19 expiry

Put Volume Total 32,222

Call Volume Total 25,727

Put/Call Volume Ratio 1.25

Put Open Interest Total 524,043

Call Open Interest Total 373,525

Put/Call Open Interest Ratio 1.40

6/16 expiry

Put Volume Total 11,498

Call Volume Total 8,760

Put/Call Volume Ratio 1.31

Put Open Interest Total 815,092

Call Open Interest Total 640,445

Put/Call Open Interest Ratio 1.27

7/21 expiry

Put Volume Total 2,462

Call Volume Total 4,440

Put/Call Volume Ratio 0.55

Put Open Interest Total 215,553

Call Open Interest Total 195,729

Put/Call Open Interest Ratio 1.10

Comment

AAPL technicals: 1 day chart (16hr ext) with pi RSI, Triangular Trend Channel ATR, Fibonacci MAI & VolumeFlow indicators.AAPL moving averages:

SMA200 = 150.88

SMA50 = 157.12

VWMA20 TTCATR levels:

breakout = 180.99

R3 = 177.01

R2 = 173.03

R1 = 169.05

pivot = 165.08

S1 = 161.10

S2 = 157.12

S3 = 153.13

breakdown = 149.17

Comment

AAPL technicals update before earnings today 5/4 at 4:30pm:1 day chart (16hr ext), 2 year view, with pi RSI, Triangular Trend Channel ATR, Fibonacci MAI & VolumeFlow indicators.

AAPL moving averages:

SMA200 = 151.07

SMA50 = 158.62

VWMA20 TTCATR levels:

breakout = 181.31

R3 = 177.33

R2 = 173.31

R1 = 169.29

pivot = 165.27

S1 = 161.25

S2 = 157.23

S3 = 153.21

breakdown = 149.19

Comment

AAPL options data update before earnings today 5/4 at 4:30pm:5/5 expiry

Put Volume Total 93,855

Call Volume Total 94,566

Put/Call Volume Ratio 0.99

Put Open Interest Total 184,730

Call Open Interest Total 238,357

Put/Call Open Interest Ratio 0.78

Highest Volume call strike 170 / 20,015

Highest Volume put strike 157.5 / 16,189

5/19 expiry

Put Volume Total 25,335

Call Volume Total 35,982

Put/Call Volume Ratio 0.70

Put Open Interest Total 546,982

Call Open Interest Total 458,832

Put/Call Open Interest Ratio 1.19

6/16 expiry

Put Volume Total 16,210

Call Volume Total 10,110

Put/Call Volume Ratio 1.60

Put Open Interest Total 839,251

Call Open Interest Total 642,468

Put/Call Open Interest Ratio 1.31

7/21 expiry

Put Volume Total 9,128

Call Volume Total 6,490

Put/Call Volume Ratio 1.41

Put Open Interest Total 228,217

Call Open Interest Total 214,522

Put/Call Open Interest Ratio 1.06

Comment

CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2023 second quarter ended April 1, 2023. The Company posted quarterly revenue of $94.8 billion, down 3 percent year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year.Q2 March 2023 =

Consensus:

EPS = 1.44

Revenue = 92.94 B

Results:

EPS = 1.52

Revenue = 94.8 B

Comment

AAPL options data update post earnings today 5/5 at 3:30pm:5/19 expiry

Put Volume Total 142,492

Call Volume Total 104,733

Put/Call Volume Ratio 1.36

Put Open Interest Total 570,677

Call Open Interest Total 466,846

Put/Call Open Interest Ratio 1.22

Highest Volume call strike 175 / 22,883

Highest Volume put strike 155 / 34,893

6/16 expiry

Put Volume Total 98,945

Call Volume Total 75,348

Put/Call Volume Ratio 1.31

Put Open Interest Total 848,438

Call Open Interest Total 651,699

Put/Call Open Interest Ratio 1.30

7/21 expiry

Put Volume Total 42,883

Call Volume Total 36,324

Put/Call Volume Ratio 1.18

Put Open Interest Total 231,315

Call Open Interest Total 217,746

Put/Call Open Interest Ratio 1.06

Comment

6/1/23 AAPL update:Will AAPL get to 182.86 to become the world's only 3 trillion dollar market cap company? Or is 180 a fantastic short entry? I'd say both are true, but it all depends on the timing.

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