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To: eddieww who wrote (7214)	4/28/2003 9:46:08 PM
From: Les H	Read Replies (1) \| Respond to of 29609

Current spread between VIX and actual volatility . S&P 100 (OEX) 464.78 + 8.58 . VIX 23.05 - 0.85 30-day volatility 24.41 + 0.45 premium (discount) - 1.36 - 1.30 recent tops in the OEX and the VIX spread Jan 15, 2003 S&P 100 475.09 VIX 27.86 30-day volatility 22.05 premium (discount) 5.81 . Aug 22, 2002 S&P 100 485.95 VIX 30.96 30-day volatility 43.10 premium (discount) -12.14 . May 17, 2002 S&P 100 553.30 VIX 20.28 30-day volatility 24.49 premium (discount) -4.21 . March 12, 2002 S&P 100 591.09 VIX 21.31 30-day volatility 21.76 premium (discount) -0.45 Since the actual volatility is dropping as well as the implied, the spread probably won't widen. The low level of the VIX or the implied is probably sufficient by itself. It probably needs to turn above 25-26.5 to show a bottom has been made. They have implieds versus actuals plotted at ivolatility.com