market fails to react, page-34

I think the options just moved in sympathy with the heads.

With 25c options at 7c and heads at 15.5 - 16.5c some may have been tempted to sell the options to convert their holding to heads. I often do that when the heads have been caned and options have held up better. This may have the added benefit of notching up a paper capital loss.

See my post a few weeks ago where I tabulate the leverage of options and heads (largely based by the relative prices that we saw on the previous run up then down). Heads have better leverage up to about 35c from here, which only improves as the heads price falls further.