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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: gbh who wrote (51893)	8/11/1998 8:11:00 AM
From: Glenn D. Rudolph	Respond to of 61433

ASND: VOLPE BROWN WHE made new estimate for long term EPS growth of 30.00% per year on 08/10/98

To: gbh who wrote (51893)	8/11/1998 10:58:00 AM
From: djane	Read Replies (1) \| Respond to of 61433

TSC. Options Buzz: VIX Levels Show Growing Fear in Morning Tumble thestreet.com By Dan Colarusso and Gregg Wirth Staff Reporters 8/11/98 10:56 AM ET In the complex world of options trading, fear is good. As the Dow plummeted 150 points in the first 20 minutes of trading this morning, the Chicago Board Options Exchange volatility index, the measure by which traders gauge fear in the marketplace, raced up almost 12%. The VIX, which closed Monday at 28.36, quickly popped to 31.69 today as all the air came out of the opening. By 10:29, it had reached 34.40, a 21.3% jump. Todd Salamone, trading manager at Schaeffer's Investment Research, said the VIX has been in an upward trending mode, and as long as that continues it is difficult for the market to get the footing for a rebound. In addition, Salamone said, the equity put/call ratio has not seen the put-heavy action that one would expect. "I don't think we are seeing the type of activity that would indicate a bottom," he added. The CBOE equity put-call ratio was at 0.61 by 10:30; Monday it closed at 0.74. "It's a little early to make a call on this, now the call -buying looks kind of light and the put-buying seems selective," said Michael Schwartz, the CIBC Oppenhiemer options strategist. "The drop looks primarily futures-driven." Index options told a different story. The put/call ratio on that activity was 1.65 on the CBOE, as put volume climbed to 43,978 contracts against just 26,599 calls. Salamone said several sectors bore the brunt of this morning's slide. Both the Philadelphia Stock Exchange bank index (BKX) and the S&P chemical sector index (CEX) were pounded early. On the major indices, put prices were climbing. An early read of the S&P 100 (OEX) benchmark saw the near-the-money August 520 and 525 puts jump considerably as the index slipped 8.61 to 523.84 in early trading. The August 520 puts ran 3 1/2 ($350) to 8 3/4 ($875) while the 525 puts spiked 4 ($400) to 10 1/2 ($1,050). The frustration level at another options trading desk was evident in this morning's plunge. "It's craziness here," said a Salomon Smith Barney options trader. Despite the tenor of the morning, all hope wasn't given up. One Chicago trader said he was "looking for spots. I think you gotta buy the stuff here," he said