Daily Discussion, page-114

It's like Mode stated already. So long as the Heads are keeping out in front of the RDNOA's with .5 differential or whatever , you're gonna have this whole Push Pull effect with the continuing upward trend in the SP. And it is because of the not only the traditional interpretation of the time value left ......, ie the implied time value inherent in the instrument , but also the physical time value from a Market SENTIMENTS l interpretation - ie the investors outlook of where they think the SP will be in over a year to the physical expiry. Which includes their preparedness to BUY now and convert LATER at whatever the price is on the day.

And so right now , they seem to be very comfortable in letting the heads ' Guide ' them on this sentiment journey by tracking and ' PUSHING ' the heads along just below every time we see a NEW high.

So in effect the market is saying ' Yeah ' , I see this SP well above where we are now in over a years time and so am fully prepared to take that risk and play now at this discount to the heads. And will continue to until you see it stop.

But they're i ( the RDNO's ) are in the money now and that's the start that the Market wanted......, and got it wish on. So you've got them ' Pushing ' on the upwards momentum as well. And everyone and their uncle wants stock in this play ...., so what better way than to grab some options as well.

Very happy for this phenomenon to play out further.