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To: Jorj X Mckie who wrote (67565)	10/8/1999 6:13:00 PM
From: pater tenebrarum	Respond to of 86076

could be...who knows for sure really? however, the financial system as such could upset all calculations...don't forget that we have attendant to the asset bubble an incredible credit bubble and have seen the notional value of outstanding derivative contracts grow to to the moon in the last few years. a systemic collapse can not be ruled out at some point and would surely put a big dent in all the plans that are currently made... i'm not saying that the worst case scenario is inevitable, only that it is possible.

To: Jorj X Mckie who wrote (67565)	10/8/1999 6:16:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

cboe.com One measure of the level of implied volatility in index options is CBOE's Volatility Index, known by its ticker symbol VIX. VIX, introduced by CBOE in 1993, measures the volatility of the U.S. equity market. It provides investors with up-to-the-minute market estimates of expected volatility by using real-time OEX index option bid/ask quotes. This index is calculated by taking a weighted average of the implied volatilities of eight OEX calls and puts. The chosen options have an average time to maturity of 30 days. Consequently, the VIX is intended to indicate the implied volatility of 30-day index options. It is used by some traders as a general indication of index option implied volatility. Implied volatility levels in index options change frequently and substantially. Consequently, when trading short-term index options, traders should forecast the index level, the time period, and the volatility level. Traders of long-term index options should also include a forecast of interest rates. (The volatility discussions above are excerpts from the book Trading Index Options by James B. Bittman. This book is available through our online bookstore.)