I agree that AAPL is at a well tested support level.
Personally, I think that the fiscal cliff saga is not going to be settled going into the NewYear and all stocks are going to tank. I hope I am wrong. I am staying out of options right now anyway because of this mess and with the Holidays coming up, I can't pay as much attention as I would like.
With that being said, Since IV is so high, it is definitely preferable to open up a Net Negative VEGA strategy. Both the Iron Condor and Directional Butterfly fit this mold.
At this point, I would more likely open the Butterfly, since it expose less capital to risk.
I would definitely not do the reverse Calendar. It is a negative VEGA trade, but as he discussed, it takes a lot more margin to garner similar absolute returns.
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