Yes, I was just reading a great article about them, in "Stocks & Commodities"...an interview with Lee Lowell, who basically advocates cynically selling OOTM options to lotto playing newbies, who will always scoop them up, because they're cheap (just like .0001 penny traders)
From the interview:
Q: Do they gravitate more towards the out of the money, cheap options?
A: Yes, and that is only because they are cheap on a dollar basis. People like to feel they are getting a bargain, so they spend $25 to have a chance for unlimited gains. If you truly want to get into the option market and take a long-term directional position, then buy deep in the money, high delta options on long term options. We are talking LEAPs options, that expire in two to three years. Those are the ones you concentrate on if you are going to buy options.
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