I feel the same. Buying just before the earning report is highly risky since the volatility is high & the option cost is high. I bought a jnpr oct 17.5 put option yesterday afternoon @ 0.65. Right now jnpr is 17.8 & option is 0.50 & still below cost.
Maybe should go back to Jenna's another strategy to stalk the stock 2 weeks before the earning when the volatility is low. Also maybe stay with high price stocks to keep the option spread tight.