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To: yard_man who wrote (5135)	9/3/1998 7:39:00 PM
From: Joseph G.	Respond to of 86076

Our most reliable contrary indicator give his OK for a sell off: <<Jay Shartsis, director of options trading at R.F. Lafferty & Co, said the reading, combined with the very high implied volatility levels, meant the market was probably ''not so vulnerable'' to a big decline at the moment. ''It (a big selloff) probably won't happen right away,'' he said. ''I would think that the market has found a bottom (early Tuesday), and this is a retest.'' The CBOE volatility index (^VIX - news), which reflect implied volatilities for S&P 100 index (^OEX - news) options, was up 3.89 points at 44.31 at 1350 CDT/1850 GMT. Shartsis said that was a fairly big rise, considering that the S&P 500 futures were down only about 10 points and the OEX about half that. ''There's a lot of fear in the market,'' he remarked, adding that that usually was a bullish signal.>>