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To: StanX Long who wrote (58741)	1/12/2002 1:20:15 PM
From: Gottfried	Read Replies (1) \| Respond to of 70976

Stan, I charted your max pain[tm] numbers suite101.com I adjusted pre-split prices. Please tell me if you see errors. high low maxpain[tm] 15-Jan-99 $28.28 $26.53 $16.25 19-Feb-99 $34.38 $32.50 $25.00 19-Mar-99 $32.50 $30.44 $30.00 16-Apr-99 $31.82 $30.44 $25.00 21-May-99 $31.66 $29.57 $27.50 18-Jun-99 $34.32 $33.25 $30.00 16-Jul-99 $39.82 $38.26 $32.50 20-Aug-99 $33.00 $31.13 $35.00 17-Sep-99 $42.47 $40.22 $35.00 15-Oct-99 $40.85 $39.13 $37.50 19-Nov-99 $55.16 $53.07 $45.00 17-Dec-99 $57.50 $55.16 $50.00 21-Jan-00 $71.38 $68.91 $47.50 18-Feb-00 $94.88 $88.50 $75.00 27-Mar-00 $110.00 $105.50 $87.50 20-Apr-00 $94.94 $90.63 $90.00 19-May-00 $85.50 $79.25 $90.00 16-Jun-00 $93.63 $87.06 $85.00 21-Jul-00 $81.88 $77.81 $90.00 18-Aug-00 $86.13 $83.00 $80.00 15-Sep-00 $74.88 $71.31 $80.00 20-Oct-00 $51.94 $48.19 $55.00 17-Nov-00 $42.63 $39.56 $45.00 15-Dec-00 $40.75 $38.44 $45.00 19-Jan-01 $51.50 $48.88 $40.00 16-Feb-01 $48.73 $46.44 $47.50 16-Mar-01 $45.88 $43.56 $47.50 20-Apr-01 $59.10 $55.24 $47.50 18-May-01 $55.10 $53.00 $47.50 15-Jun-01 $52.00 $48.81 $50.00 20-Jul-01 $45.15 $43.75 $45.00 17-Aug-01 $44.15 $42.50 $45.00 21-Sep-01 $29.54 $27.25 $40.00 19-Oct-01 $32.95 $30.76 $37.50 16-Nov-01 $39.85 $39.01 $35.00 21-Dec-01 $40.67 $39.83 $40.00 11-Jan-02 $46.80 $44.67 $40.00

To: StanX Long who wrote (58741)	1/13/2002 7:41:32 PM
From: willcousa	Respond to of 70976

There is another aspect to working with max pain. If the max pain curve is shallow then the amount of deviation from the max pain point is not of such great concern to the market makers. For instance, if the max pain number is 40 but the curve is flat from 30 to 50 then there is no particular reason that the market makers care where the stock closes within the range of 30 - 50. If the curve is a V then there is great value in seeing the stock close at the max pain number.