200 Day Moving Averages (July 14, 2006)

S&P 500 200 day MA (moving average) 1264
DOW 200 day MA 10935
NASDAQ 200 day MA 2227

This is for you technical folks. Not a good sign technically, however, the talking heads are quoting indications of oversold. You make the call, VHF is selling July premium with strikes below the market (puts) on short duration and higher VIX = 18.65.