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Pastimes : Ask Mohan about the Market -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (7491)	11/9/1997 3:16:00 PM
From: Bonnie Bear	Read Replies (1) \| Respond to of 18056

No: I'm changing my attitude about the utility of a spy short. I'm holding both RYURX from 980, spy short, and bearx, it's rather redundant and too prudent. As interest rates go down, some parts of the financial sector go up. so shorting spy doesn't give the best downside unless there is an interest-rate shock to the system or similar problem that affects all stocks equally. As it turns out, shorting Schwab stock is a good proxy but with a much better downside as a short. So I'm inclined to switch out of spy at some good opportunity (retest of 910) and pick up shorts on some good losers instead. If we're going to have another big selloff I expect it will happen in the next week or two. As far as retracement, gosh I don't know. This market will take one day at a time.