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Strategies & Market Trends : Trading SPY and DIA for Fun & Profit

SPY 681.89

+0.3%

4:00 PM EDT

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To: Dale Baker who wrote (99)	12/23/1998 2:29:00 PM
From: James F. Hopkins	of 130

Hi Dale; Not nice for the Shorts <G> I've come to see something about the MDY / SPY spread that I must straighten out. quote.yahoo.com^INX2+MDY+SPY&d=3ms Note the internut index INX2, it has a slew of mid caps in it, and of all the indexes effected by the internets other than INX2 itself, the MID400 (MDY) show's the most effect..on days the INX2 moves a lot. --------------------- While I still hold that over time, a long SPY short MDY is a good hedge , there is just no sense in being short MDY if the internut index is rolling up, wait till the INX2 rolls over. Then if the nuts start taking a hit, the MDY will also fall, shorting it is likely safer than shorting the nuts individually, but I would wait till that nut sector is at least flat or edging down. Indeed the MDY does look like a fair Proxy for the internuts, it's the cumulative factor of so many smaller internuts being in it, that AOLs effect on the S&P won't be near as much as the combined effect all the others have on the MID400. Jim

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