I don't think they're cheap. In fact I think they're surprisingly rich this close to expiration. If I were going to buy calls, I would buy deep ITM calls for March unless I am buying for a trade. But I would not buy OOTM calls into Friday's expiration. It may be a great opportunity but the risks of worthless expiration are too high for my blood.
I certainly hope so. I scaled into a bunch of JUN-2013 $650 calls from $11.00 down to $8.00. They are under $5 today. This is absolutely ridiculous and seems to be a bunch of BS. Those calls started off around $78.00. I can't imagine if someone bought into them then. I don't mind options action. I know it is dangerous but this is just absurd.
I lost 15K in Call options I p urchased in Nov and I still have 6 or so contracts that exp in Feb and bought some more at the close for 7.50 for 530 but I have been playing puts since the 28th and made over 13K. I bought a few puts at the close to protect my long pos since I have 50 shares and something like 12 contracts on calls.