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To: llamaphlegm who wrote (11109)	7/21/1998 6:43:00 PM
From: Jan Crawley	Read Replies (4) \| Respond to of 164684

LP and Rob, Please check the Jan out-of-the-money call options again, there were more call writing (shorting) this afternoon. Almost 3,000 contracts..Someone(s) is selling via call shorting!

To: llamaphlegm who wrote (11109)	7/21/1998 7:00:00 PM
From: Rob S.	Respond to of 164684

All brokers are doomed, only E-trade will survive. Right?

To: llamaphlegm who wrote (11109)	7/22/1998 8:35:00 AM
From: Glenn D. Rudolph	Respond to of 164684

U.S. OPTIONS/VIX rebounds as Greenspan disappoints Reuters Story - July 22, 1998 00:20 %US %STX %DRV %.N/OPT .OEX .VIX LU %INSI %MRG KEY V%REUTER P%RTR CHICAGO, July 21 (Reuters) - Implied volatility on the S&P 100 rebounded strongly on Tuesday as the stock market tumbled after Federal Reserve Chairman Alan Greenspan warned that interest rates might have to rise if the labor market remained tight. The Market Volatility Index , which measures implied volatility of several strikes on OEX options, jumped 2.60 points to 20.22. It was the index's first close above 20.00 in a month. The OEX shed 9.59 points to 568.86 as traders expressed disappointment that Greenspan did not discuss the prospect of lower interest rates, traders said. "Greenspan was used as an excuse to sell," said Scott Fullman, chief options strategist with Swiss American Securities. The VIX, he added, was signaling a further decline in blue chips. Among individual options, Lucent Technologies Inc. options drew investor interest ahead of the release of the group's fiscal third quarter results on Wednesday. Implied volatility on Lucent options, which trade on the American Stock Exchange, Chicago Board Options Exchange and Pacific Exchange, rose to around 55 percent from around 39 percent on Monday. The October 85 and 75 puts and the August 110, 100 and 90 calls were among the most actively traded options on the AMEX, with combined volume of 18,423 contracts. The August 100 calls were among the most active on the CBOE, where almost 4,400 contracts changed hands. "It's all on earnings," said one trader. According to a First Call survey of 24 brokers, the mean estimate for Lucent earnings was for a profit of $0.27 per share in the latest quarter. First Call said that based on recent quarterly results, Lucent was likely to beat that estimate. Trading volume in KeyCorp options picked up as talk of a bid heated up again, traders said. Implied volatility rose only modestly to around 44 percent, Fullman said. No one at the bank was immediately available to comment on the speculation.