dear john , page-6

Agree grumpster, i always watched the options for an indicator of the true direction. They got whacked a lot harder today. It did look like a fair amount of panicked "topping up/averaging down etc." was going on today in the heads, the overpaying buyers in the closing auction was a good example, they could have had them for 4.7 but decided to push it up to 4.8 (god knows why, perhaps felt better about propping it up a tad???). CTPO down almost 30% has got to be a concern for those buying the heads today, particularly in the ST.