This is a great recent webinar with well-known options author Jeff Augen: http://optionstribe.com/2012/08/rec...ice-distortions-in-weekly-options-jeff-augen/ He has a lot to say about trading weekly options, especially AAPL. He likes to buy AAPL butterflies on the Thursday when they are released, then sell them on Friday or Monday. The reason, he says, is the weekend (actually pre-weekend) price decay, that is actually mostly over by late Friday. He comments that huge numbers of retail traders are selling the weekly options which is depressing their price. He also likes to sell butterflies on the last day before expiration. I know that some here are making similar trades.