If its going to drop 15 cents everytime it has an options expiry...

If its going to drop 15 cents everytime it has an options expiry day that means it will be worth $0.00 in 3 years time so I don't agree with that logic.

If anything the fact the SP dropped a fair bit in the month would have meant that a lot of the call options were out of the money whereas a lot of put options were in the money and hence the option holders would have had to buy shares to cover their sell positions which should have moved the SP higher.