Options Action

Life Without Jobs

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Few companies, or stocks for that matter, capture the imagination like Apple , with its snazzy array of iProducts.

And yet despite high expectations for its latest iPhone, the options market is pricing in a muted move of about 4.5% on earnings, right in line with the company's four quarter average post-earnings move.

Part of that may have to do with the fact that Apple shares are no longer captive to the latest breathless announcements about Steve Jobs' health.

"I think investors have become more comfortable with the idea that Jobs may not play a large role going forward," said Gene Munster, senior analyst at Piper Jaffray (BUY).

Still, the stock has had a pretty good run, up 8% this week alone, and 20% in the last three months.

But in spite of the run, one Options Action star remains bullish.

"Their product cycles are so strong heading into a seasonally strong period of back to school and then holiday season," said Dan Nathan, chief derivatives strategist at Phoenix Partners.

Throw in the fact that Apple has guided lower in 10 of its last 12 earnings calls, and one could make the case that any unexpected positive news could drive the stock higher.

We'll preview how the options market is setting up for the big event tonight on "Options Action."

Questions, comments send them to us at: optionsaction@cnbc.com