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To: RR who wrote (29639)	8/19/2000 12:59:44 PM
From: Dealer	Respond to of 35685

RR, Good Morining! Can you answer Rocketman's question? Good link, and nice description of the various index instruments, SPY, DIA, QQQ. Can one do cc's on the SPY or DIA? Thanks dealer

To: RR who wrote (29639)	8/19/2000 1:10:18 PM
From: Lozanov	Read Replies (1) \| Respond to of 35685

I understand that you set your positions for 6 to 9 months out. You had mentioned several times that you churn your position constantly. Question: Are you churning your 6-9 months postion or you have options that are short term that you are churning. Thanks for posting your play. Myself I just buy LEAPS. Thanks, Pankaj

To: RR who wrote (29639)	8/19/2000 7:19:54 PM
From: dwayanu	Read Replies (1) \| Respond to of 35685

Hi RR: Just rambling on a weekend... VIX lower. Still bothers me. Market been basing good and seems ready to run, but with that VIX less than 20.... hum. Hmmm, scary chart indeed! Kind of similar to the VIX chart for 11/97-2/98, implying a good fall and a long cold winter, should history be kind enough to repeat itself. Given that VIX tracks the put/call spread on S&P 100 index (OEX) 30-day options, and the OEX tracks very closely to the Dow, and the relatively good prospects of tech in the current interest rate and economic context, then I would expect the first signs of a VIX contrarian-style correction to be a Dow slide coupled with money rotation into the blue chip techs, e.g. NASDAQ going higher with poor breadth. The Naz trends have tracked closely to OEX trends since the correction started in early June. I'm watching for these (and the Dow) to decouple. With interest rates peaked, all the equities coming back from last winter/spring's lows, and a soft landing presumably a done deal, then I would expect investors of all stripes to continue to rotate up the risk/reward scale, e.g. defensive stock holders buy GE, Dow holders buy big techs, JDSU holders buy EXTR, and so forth. Then from the VIX, value stocks down first, Dow next, and Naz blue chips last. All early this fall, on a scale maybe one third the size of last winter/spring relative to July/August highs. I don't know enough about the financial stocks to tell if they would be a marker in this process. Oh well, total BS, of course, but fun to speculate on the off chance of it occurring. Worthy of note, I recall that last October or so, during discussion of a Y2K crash, Voltaire casually mentioned that he thought 'the big one' would occur in April. This year, he says February. Caveat Speculator :-) - Dwayanu