It's earnings season and we kick off with the grand daddy of them all - AAPL! Many think that around earnings you should only sell premium. That is plain old stupid advice given by those that don't know any better. Let me tell you right now that trading earnings is not a bathrobe. One size does not fit all. For some stocks it does make sense to sell premium and others it will make sense to buy premium. Let's zoom into AAPL and take a look at the actual distribution curve vs. the theoretical distribution curve. Do the markets have it correct based on the actual historical distribution or is this a case of theory not equating to reality?