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To: Doo who wrote (29929)	1/31/2002 4:45:42 PM
From: Shack	Respond to of 209892

I must say I agree with you 100% on the numbers by themselves being meaningless. VIX/VXN/QQV analysis is a grey science at best. Divergences are even a little fuzzy as they occur in multiple time frames and likely mean completely different things. VXN is lower than it was last June..well so what! Does it mean we can't go higher, of course not. But I do note when divergences occur in such a narrow time frames as the last few days. Also I noticed that open interest in QQQ feb puts dropped by 50K contracts yesterday, that's 12% of all outstanding feb puts closed in one day! Bears are closing positions here while bulls are opening them. Hmmm. Of course it all means nothing if the indices catch a little momo! then we will likely see a 10 VIX anyway.-g/ng