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To: Les H who wrote (1289)	1/12/2002 12:13:59 AM
From: Les H	Read Replies (1) \| Respond to of 29592

20-day historical volatility sets a 52-week low ivolatility.com Volatility on both the OEX and NDX are declining now since the respective indices were dropping to lower levels into the December 14th low. 20 trading days ago today is December 12th. A decline into the 18th of January followed by a rally would push the volatility lower. This can be seen in the 20-day rate-of-change which has been oscillating about zero for almost a month.