Market indicator turns bullish for Apple just before earnings

Apple reports fiscal second-quarter earnings Thursday after the bell, and something unusual is happening in its options market. One measure of downside risk has fallen precipitously in the past five weeks as traders turn bullish and it has done so heading directly into the earnings print. Traders are ready for fireworks. Apple's average one-day move following earnings has been 2.2% over the past 12 quarters but options imply that this cycle's move will be nearly 3.6%. …