VIX--The Chicago Board Options Exchange Volatility Index, or
VIX, as it is better known, is used by stock and options traders
to gauge the market's anxiety level.  Put simply, it is a
mathematical measure of how much the market thinks the S&P 100
Index option, or OEX, will fluctuate over the next 12 months,
based upon an analysis of the difference between current OEX put
and call option prices.  Although the VIX isn't expressed as a
percentage, it should be understood as one. A VIX of 22
translates to implied volatility of 22% on the OEX. This means
that the index has a 66.7% probability (that being one standard
deviation, statistically speaking) of trading within a range 22%
higher than -- or lower than -- its current level, over the next
year.  The VIX rises when put option buying increases; and falls
when call buying activity is more robust. (Note: A put option
gives the purchaser the right -- but not the obligation -- to
sell a security for a specified price at a certain time. A call
option is a right to