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Strategies & Market Trends : Shorting SPY for fun and profit.

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To: Pancho Villa who wrote (57)	11/8/1997 7:36:00 PM
From: Premier	of 346

Pancho, Federal model is expained in pots 53 & 54. I should have expained the products I am discussing. RYNVX is a mutual fund designed to track 1.5 times S&P futures index. I recognize that market has upward bias and can remain overvalued for long time. In my proposal, I am 100% invested at 1.5 times S&P, when market is fairly valued, without paying margin interest. As market gets undervalued, I am invoking margin and hoping that market will not become undervalued in excess of 50% or else I will get margin calls. I am 100% invested in SPY (no leverage)when market is 10% overvalued and I am in 100%cash when market is overvalued by 30%, a rare occurance indeed. Any excess overvaluation will trigger SPY short. Regards Premier

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