Will VIX Wait for AAPL?

It would appear that AMZN, INTC and MSFT kicking the earnings door in is not quite enough to move the QQQ as it is up .01 as I write this at 2pm ET on a quiet Friday. With much of the big earnings reporting, banks, tech and oil, one would think that VIX would have a bit more of a reaction. Today we are getting a .72 drop with only a slight drift lower in all the VIX futures.
For the first time in a week the VIX cash is settling lower, or appears to be, with VIX futures just barely responding. The drop back into a normal type of contango is usually the sign of lower volatility except… those darn AAPL earnings. I think we set up next week for a nice vol crush after the May 01 AAPL release.
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There are a few choices to sell vol but now that we are in contango some cheap VIX puts could work ok. I would stick with the May cycle, something like the VIX May16 16 put for 1.10 since in is already .50 or so ITM.
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