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Strategies & Market Trends : The New SEctor SPDR Funds -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (106)	4/5/1999 11:40:00 AM
From: g.w. barnard	Respond to of 122

j, you can't write or buy put or calls against the spy's (500 index), you can however sell/buy call/put against the indexes, for example (i sold a long term put on the energy index xle last month)had to fight the brokerage company to have them reclassify the indexes as a stock (since they trade like a stock). i also bought the xlf and sold a 3 month call. the trades look good now and i may cover for a small profit. but you are allowed to trade em like a stock. you can only short the spy's to hedge against any loss. gw