I didn't buy this offering, either. Not because I'm worried about earnings or fear another SPO before June, though I will pay attention to the Fed QE2/QE3 talk. But simply because I went in another direction this time. Other investments were calling.
I've made great money playing the AGNC cycle, and I have no doubt those that bought in this time will do well again. I may take a look at playing the options when volatility contracts near the earnings release, and maybe again when we start to move towards ex-div.