I truly concur with your claim that the frictional movement between earnings report, is largely due to supply and demand most of the time. But again there can be dramatic change in price by news shock between quarter release and that change the evaluation of the stock based on fundamental, which is supposed to come in random (unless you are insider). Where should I put it? hum...have you heard of auction market theory and MP? do a little search on auction market theory which complements with market profile (MP) will help day-trading in my opinion.
Earnings reports are published quarterly and the general public gets the report last. Long before the earnings are reported a salesperson notices lots of orders for goods or services. The salesperson informs the manager. Now the manager knows the good news too. The department secretary types the report and makes the graphs for the manager's weekly presentation. The department secretary knows the good news also. Salespeople, managers and secretaries talk to their mother, brother, sister, parents, girlfriends, relatives, neighbors, classmates, stockbrokers and anybody else. Some of the receivers of the news act on the tip. Even if they do not buy they also do not sell. The general public gets the information last. I trade on price information alone because I am not an insider. If the insiders act on information then the price might change. When the price changes then I might buy or sell.