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To: Jan Crawley who wrote (6478)	7/24/2003 5:07:15 PM
From: Return to Sender	Respond to of 13403

OT: I needed to average that short up to at least have a chance but you are right KLAC is losing ground after reporting tonight. That should help my position. Those who may not be aware of what happened the last time the VIX was below 20, as it was today, should take note of the following exerpt: The VIX has finally moved below 20, which is normally a sign of a market top. Even though stocks could continue to move higher for a while or move sideways, a reading of 20 normally means that lower prices are ahead. The last time the VIX moved below 20 was March 21, 2002. Within one month, the S&P 100 ($OEX) had lost 5.5 percent, with these losses accelerating through July. This doesn’t mean it is going to happen this way again, but should raise a red flag when trading bullish option strategies. Jody Osborne Senior Staff Writer & Options Strategist Optionetics.com ~ Your Options Education Site optionetics.com