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Strategies & Market Trends : Shorting SPY for fun and profit. -- Ignore unavailable to you. Want to Upgrade?

To: Esteban who wrote (11)	11/2/1997 4:36:00 PM
From: studdog	Read Replies (1) \| Respond to of 346

<<<To: Karl C. Wenner (8 ) From: Esteban Sunday, Nov 2 1997 4:08PM Are there other AMEX traded issues that track other indices like technology, small cap>>> AMEX has MCY which is the mid caps. I feel the large caps are more overvalued than the mids hence my SPY short. However, if the market corrects significantly then I would consider the going long MCY.

To: Esteban who wrote (11)	11/2/1997 4:46:00 PM
From: studdog	Read Replies (3) \| Respond to of 346

Does anyone have any thoughts about the relative overvalue of the S&P 500 vs. the DOW? The media and the pundits seem to be focused on the >10% correction of the DOW, while the S&P is only down about 7% and the NYSE composite is down only 6%. This doesn't even qualify as an official "correction" (I don't count Monday's close). The Fed apparently feels the market is 5% overvalued now. I would agree. SO it seems to me there is little upside and mucho downside, it will only take a negative catalyst (a minor one will do, I.e. Alan Greenspan gets a cold) to trigger a slide. There would have to be mucho good news or a buying panic to get much upside, IMHO Karl