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To: Jerry Olson who wrote (77638)	7/20/2003 5:36:22 PM
From: skinowski	Respond to of 209892

Makes plenty of sense, Jerry. If you are right about the top, then your puts will benefit from the fall in the underlying - and also they will get an additional kick because of an increase in the VIX. Looks like Mat Oniscka thinks that a top might be in. On NDX, he expects early in the week one more drop down to complete an impulse (in the 1230's), after which he expects a bounce towards 1278. At that point - if the rally continues - he would expect new highs 'round 1380. However, if the new down trend does re-assert itself, the confirmation would be a break below approximately 1220, which is the level of the trendline on the daily chart. One thing is for sure - if it ain't gonna go down, it will go up... -g. Would be curious to see a break of 1220 - confirmed by a move below SPX 962. That would probably trigger a good amount of selling. babelfish.altavista.com