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To: bob wallace who wrote (9679)	11/18/1997 9:36:00 AM
From: Patrick Slevin	Respond to of 17305

If OEX volume is down there may be two reasons. First, there are new places to go. The DJ futures, the E-mini, and the DJ options. These derivatives are being hyped by the exchanges to generate business. Second, the high VIX is making options very expensive. I occasionally trade e-mail with a knowledgeable CBOE member so I may pass that part of the question on. As far as a benchmark, I am sure some will disagree but traders usually look at the S&P futures as the benchmark. The SPX is dominated by institutions and the OEX is more for the public. The spoos move up or down and the cash markets follow in lockstep. Nearing expiration, the cash market generally trades slightly out of sync to the futures due to manipulation. Mostly, you will find traders talking about the OEX because they trade it more than the futures or SPX but the S&P futures still is the indicator that would drive the cash.