Not if the straddle is as cheap as you say. Of course, buying a straddle before earnings is a dangerous game. Once that announcement is out, that thing will deflate faster than a punctured balloon. You'd better pray for a massive move to pay off that premium BEFORE it all erodes.
I am talking about ES 1475 index straddles. They expire in 4 days and cost about $600.00 per straddle. you need to be 12 pts from 1475 by Friday morning to justify these. I say its a potentially good play, since today we're up 14.25 pts alone. I bought some May 05 1475 puts today as well, since we're in double top land and IVs are so low.