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

To: Esteban who wrote (21)	11/3/1997 11:07:00 AM
From: TRINDY	Respond to of 346

Sorry, I don't. The mid-cap 400 code is, however, MDY.

To: Esteban who wrote (21)	11/3/1997 7:45:00 PM
From: Philip H. Lee	Read Replies (1) \| Respond to of 346

Shorted SPY and MDY today. Lost about 3/8-1/2 point so far. Today's rally doesn't quite convince me yet since good resistance for the Dow appears to be in this area. We'll see if today's strength holds. Shorted a little to hedge my portfolio, which is already near 50% in cash. I'm not so sure the coast is clear, with Asia accounting for the largest piece of the world economy (36% last I checked). Some destabilizing repercussions have the potential to be felt in Latin America, also. The recent round of Asian devaluations may not have been the last, not to mention that the prospects Japan's economy don't look good if one looks at a chart of the Nikkei. It appears to me that valuations in the US leave room for some downside. Philip