1. Identify earnings date...AAPl is April 23rd.
2. Day of earnings not before, buy near term, next WEEK's put and call for market price with the money you pocket by selling the Jan 2014 Covered call for 8 to 10% of share price.
The reason this works? Long term options move 30 to 40% to market price while near term options move 110%...
You are covered on the upside and downside using market's money.