The prompt $(t siml 0.16$ days) light curve and initial 9-th magnitude optical flash from GRB 990123 can be attributed to a reverse external shock, or possibly to internal shocks. We discuss the time decay laws and spectral slopes expected under various dynamical regimes, and discuss the constraints imposed on the model by the observations, arguing that they provide strongly suggestive evidence for features beyond those in the simple standard model. The longer term afterglow behavior is discussed in the context of the forward shock, and it is argued that, if the steepening after three days is due to a jet geometry, this is likely to be due to jet-edge effects, rather than sideways expansion.
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