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To: Jill who wrote (45055)	10/17/1999 10:29:00 AM
From: Jim Willie CB	Read Replies (2) \| Respond to of 152472

the image of Alan Greenspan in the throes of physical passion is more gut-wrenching than any 20% stock decline... he has become unfortunately much less obscure and abstruce in his lingo lately the VIX volatility index is simply a aggregate measure of the cost of time premium within option put contracts... not exactly sure, but I think it is put premium on the SPX contracts doesnt matter on buying or selling... think of it as the cost of a week's time for an index put... historically high levels signal an extreme situation soon to change wont say "by 2pm" but will say "sooner than the Yankees put away the RedSox" I believe the Lucky Lady is Alice Rivlin, head of Clinton' Economic Advisors... one can only conclude she is asleep at her (his) post / Jim