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To: Bonnie Bear who wrote (7708)	11/12/1997 4:26:00 PM
From: Tommaso	Read Replies (1) of 18056

Bonny, I am trying to see what makes SPY a bad short. Does it get out of line during the day with the actual S&P? The closing quote seems almost exactly 0ne-tenth of the S&P. If you held it over a long decline in the market wouldn't you get just about exactly the amount that the S&P declines? Is the manipulation by brokers during quick changes in the indexes during the day? I could certainly believe that someone was shaving bits off on either side. I don't have any complaints about my SPY. Actually it's down 2.06 % on the day against 1.93% for the actual S&P.

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