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To: Henry J Costanzo who wrote (123137)	8/20/2005 2:22:33 PM
From: Galirayo	Respond to of 209892

[OSX] >>This is particularly so if the leading oil stocks, which Roque believes are overbought, begin a correction few market-watchers seem to expect.>> That's interesting enough but when they come Whipping off the 34 like this .. They are just in Trend to me. Of course I'm wrong all the time. <g> stockcharts.com

To: Henry J Costanzo who wrote (123137)	8/20/2005 4:03:48 PM
From: Shack	Read Replies (2) \| Respond to of 209892

We've discussed this before here. The historically low VIX is indicative of a longer-term issue for the market, but it is simply not a specific timing indicator. Every VIX analyst I read thinks they've nailed the turning point in its multi-year downtrend, only to find out that yes folks...it can go lower. You know my thoughts here mc. I do not use sentiment on a day to day basis and if I did the VIX would be the last thing I used. After a 4 year uptrend I am simply waiting for bullish extremes on the one or two indicators that I follow, have always followed, and indicators which have served me very well going back many years. We have yet to come even close.