key selene results out any day , page-16

when ops are trading at discount I think it points to weakness, most risk is with the oppies, when people feel very comfortable the ops probably trade at premium to theoretical value , although what implied vol you would use with KAL ( 50-100% ??? ) I don't know , time value is not a problem as still 8mths to go ... when the ops start trading at a premium I think the whole thing will start to run ... while persistent bailing on the oppies goes on the shares will struggle ( relatively struggle )

PS: I traded futures and options on indexes for 10yrs in London.