The stock has been on a bullish tear lately until this past week when it retraced from 86 back down to the mid 70s. If I had to guess a direction I would say its probably a buy after this pullback but thats the beauty of options; we don't have to pick a direction if we don't want to.
So what's the trade? I want to use a complex strategy called a double diagonal spread.
Buy the JULY 95 call and JULY 65 put, and sell the JUNE 90 call and JUNE 70 put.
Net debit of $1.34.
Profit zone roughly between RIMM stock at 67-97.
This trade takes advantage of a volatility collapse in June options which will come Friday morning. The June options are very expensive relative to the July's. While the profit zone is wide, the max profit of roughly a triple occurs if RIMM settles Friday at 90. Overall this is a great looking non-directional trade going into a coin flip earnings report. The other thing I will note is that since you have a calendar spread on a diagonal strike basis you can always cover the Junes and hold the one leg of the long July options that the market trades to and manage the position into July.
Whatever you do, this is surely a better trade than simply buying June premium, which is what the amateurs will be doing.