Does anyone focus heavily on anticipating and trading on earnings announcements? What would you think about analyzing fundamentals to determine the probability of beating the estimates, volitility of surprises, and using some options for leverage. Would this be a sound strategy? I have found that companies which are currently fundamentally unsustainable have EPS estimates that are somewhat on the aggressive side and that such companies can usually do a good job outperforming these estimates. My only difficultly in this approach is determining the proper entry point. In theory, the price should slowing trend towards the earnings report of either "good news" or "bad news" (sometimes no news), but that is only a generalization and I dont have, or at least do not know of any model or formula that indicates the strengh of such a tendency on an individual stock basis. any help?