In short, few traders have the specialized skill or training to profitably trade extremely short-term 1-2 day expiring options. There are probably many experienced option traders aware of this technique but do not know who to trade it profitably or to teach it effectively.

The majority of the books on option trading recommend to the buyer of options to give oneself enough time for the trade to work out favorably. Furthermore, most books do not cover the more specialized buying of expiring options and how to maximize entry and exit with rapidly eroding premium.

There is, currently, limited weekly option volume to attract the major players so the weeklys are not well publicized.

A relatively new development from 2005, there are now S&P 500 and OEX 100 weekly options expiring every week. The 2005 introduction article of these special options can be found here at the CBOE. The majority of traders are not aware of the fact that S&P weeklys exist much less on how to trade them effectively.