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To: Patrick Slevin who wrote (4839)	9/29/1998 3:03:00 PM
From: SE	Read Replies (1) \| Respond to of 44573

Well I am now positive on the day. Took a scalp to the downside and exited it just prior to the 3 o'clock hour as I did not want to hold into the fray....good thing. No idea what is going to happen next. I expected more downside, and maybe we will get it, but I always expect downside! :) What a nutty day.....

To: Patrick Slevin who wrote (4839)	9/29/1998 3:15:00 PM
From: Mark Z	Read Replies (1) \| Respond to of 44573

<<So a 4 point downmove in the OEX and a net no-change in the total ask price on the two options.>> My chart doesn't show it but the spreads jumped right after the announcement and are just now starting to return to 'normal'. The asks summed to 22 3/4 when I posted after the announcement and are now 21 3/4. The bids only fell from 21 to 20 7/8 since I posted. IOTW, the spread has fallen from 1 3/4 to 7/8. Too many #'s there but I hope you catch my drift. Bottom line: I should have waited another 1/2 hour before comparing <g>. Don's comments & your earlier observation are both consistent. In anticipation of the announcement, they raised volatility in response to all the uncertainty this a.m. As Don noted, typically it moves inversely to the indices. Today VIX was going to jump no matter which way the market went pre-announcement. Something good to know for 'next time'.