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To: The Freep who wrote (5182)	1/27/2003 10:41:39 PM
From: Les H	Read Replies (2) \| Respond to of 29602

TXN is the only stock above its 10-day simple moving average. It's actually below its exponential moving average of the same length. A lot of the big names, AMAT, KLAC, NVLS, IBM, and MSFT seemed to come back today. I'm getting high TRINS for the NYSE and the Nasdaq since the broad market is selling off, and low TRINs for the S&P indices and the Nasdaq 100 since a small number of core stocks (10-20) are still being held up. It's surprising how far and fast the VIX has travelled without so much as a pullback. I don't think the spread between the VIX and the actual volatility may be that useful here. The historical volatility is still low because the OEX has just left the trading range. It should start to increase if it stays below 440 and continues down. I show the same pattern of a large spread between VIX and HV the first half of last July when the VIX broke out. The VIX is about 10% above its upper bollinger band so it's likely the market should stablize soon. On the other hand, the band is moving up 2 points per day.