There are many big stocks will have earning reports in the next 2 weeks. Anyone is buying cheap short term options of AAPL, INTC, GOOG, YHOO, PFE? even SMH?
Earnings can go either way......even on companies you THINK you are pretty bullish/bearish on. If you were daring, you could do very DOTM spreads for a smaller profit but a higher probability of the spread expiring worthless next Friday. (That's worked for me in the past)
You could do a straddle/strangle, but if it was me, I'd stick with the DOTM spread.
Just one thought, anyway. I'm sure there will be others....but I wouldn't say "cheap" is what you're looking for per se, but rather "appropriate risk/reward potential". After all, you could buy a CHEAP .15 option on GOOG and still lose money.