My bias on AAPL going into Tuesday is that the earnings number is going to be pretty decent with an unexpected volume of iphone sales. (Supposedly these dang phones make more profit per phone than one of their pricey desktops - but I digress.. just to set my bias for this question) The Nov 85 Puts are trading at 6.0x to 6.2x right now. The Nov 100 calls are 10.xx. Close on underlying was 97.40 Given my bullish outlook, I am not interested in buying outright calls because the premium is downright ridiculous in this down trending market. (By glance - not math) My first thought is to short the 85 puts Aapl hit a recent low of 85.00, I dont feel it will test it again (some may disagree). Or would the better trade be a Bull Put Spread with the 80 put at 4.xx. My reason for this question is basic, I'd like to see/read peoples thoughts/analysis of how to approach this trade.