A little of both. The weekly can only be played on the major major stocks or there's not enough volume to trade them.
Bottom line, the closer the expiration, the cheaper they are if out of the money, so a big move in the sp will be magnified accordingly.
You could do either one for a straddle on earnings. I need to check EXPE and see what a straddle would have done there...
edit: It looks like EXPE straddle $10 off the market price would have cost about a dollar each way, and there's about a $4 premium being paid, so a straddle will probably net a double overnight, and it may have been more for further out, but maybe not enough open interest....
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