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To: Nemer who wrote (30967)	12/11/1997 3:07:00 PM
From: Jerry Olson	Respond to of 58727

Thanks Cowboy The markets are resilant for sure...but i'm just treding water for the moment..would just like to trade the OEX, it's been very good to me the last 2 months... See ya Ole Timer

To: Nemer who wrote (30967)	12/11/1997 4:13:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 58727

Nemer; RE:" Trading SPY on OEX/SPX Signals..." As you and I are both interested in using SPY as a trading vehicle with OEX/SPX triggers, I thought I would tell you about how it worked today. As I posted earlier, the OEX was making an ascending triangle with a "wall" or pivot at ~457. This triangle was essentially composed of 11-minute buying and selling waves, trending upwards against the OEX 457 resistance. It broke down from this pattern, which looked scary, but was still in the "neutral area" as Kevin might call it, when it found support at around OEX ~456, making a Doji Hammer in a 6-minute period of sentiment when the buyers overtook the sellers. The OEX subsequently bolted up in an 18 minute flurry of buying, busting up through the "pivot" (for lack of a better term) at OEX 457. At that point in time, SPY was approximately 95-3/4 x 96 ASK, bouncing around quite a bit. I entered an order at the ASK which was filled at 95-15/16 (DATEK). Switching over to the INX, the index paused and then began to recover nicely, piercing SPX 957 and then making a trading range between SPX 957~958 or so. The BID for SPY dropped down to 95-15/16 at the low point of this trading range: this was break-even. I took advantage of the spread and doubled up by placing an order at the BID, my original "in", which was filled. The SPX then busted out UP and found another trading range centered on ~960. The high point of this range was about 96-7/16 x 96-1/2 ASK for SPY. I placed a STOP at 96-3/8 and was stopped out, +7/16. From OEX 457-1/2 to ~460 = 2-1/2 index points... ...from SPY 95-15/16 to ~96-3/8 = 7/16 SPY underlying points. From these figures we can estimate the delta and other things. Note that 2-1/2 OEX points would probably be near break-even for oyster OEXLL DEC 460 CALLs; which, given the difficulty of manually executing trades, appear to have moved from 6 to 6-1/2 during the same upswing in the indices, from OEX 457 trigger to OEX ~460 TARGET STOP. -Steve