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To: donald sew who wrote (5227)	10/2/1998 1:30:00 PM
From: Tom Trader	Respond to of 44573

Don, I have used the VIX more to detect extremes in sentiment and to time the writing of options. Re the VIX being in the mid-point of the range--I don't know that I could come to a conclusion as to what that would indicate in terms of short term direction--but I would readily concede to your superior ability when it comes to interpreting these things. Market seems primed for a bounce -- just not sure how much and how long it will last. Re your part-Greek origin--you are full of surprises!! Just when I was getting used to the idea of you fitting the profile of a Japanese terrorist, you pull that on me:) On the other hand, at the risk of stero-typing, I can now see why you might fit the terrorist profile that they use at airports --a swarthy Japanese looking guy!!:)

To: donald sew who wrote (5227)	10/2/1998 9:10:00 PM
From: BILL G. WRIGHT	Respond to of 44573

Donald: I agree that any bounce will not last very long. The upward bounce today was in the Dow Jones and S&P type stocks. Nasdaq did not participate very much in the bounce. Nasdaq declines exceeded advancers by about 200. I believe the up move in the larger cap stocks was due mostly by short sellers taking good profits, versus holding positions over the week-end. Any moves up will represent good short opportunities . With many more pre-announced poor third quarter earnings reports coming out we are not likely to have a very substantial up move in this stock market.