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

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To: Premier who wrote (73)	11/10/1997 9:49:00 AM
From: Premier	Read Replies (2) of 346

Berney: I called IBES, 1-800-get-ibes, for 12 month forward bottoms up consensus S&P earnings for the latest week. The number is $50.37. Accordingly the fair value of S&P is 50.37/.05955=846. Thus overvaluation is less than 10%. IBES will not give out this number every week without charge. The fair value indicator should be used as lagged indicator i.e. SPY short strategy should not be initiated until overvaluation is 30%+,IMHO. Premier

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