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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (51125)	8/25/2002 11:47:25 AM
From: Les H	Read Replies (1) of 209892

re: VXN same level as after Dec/Jan high The main difference is that the VXN of 48 on February 21 occurred at the end of a decline, and the VXN on August 23 occurred after or during a substantial rally. The VXN at 48 was priced at a 14.77 point premium (to the 30-day actual volatility of the underlying index) then, while it's now at at 8.25 point discount. Unfortunately, it's not easy to pinpoint tops and bottoms from the premium/discount in the VXN since the actual volatility can increase with rallies (as it has recently) as with declines.

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