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Re:SPY



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Some day systems do not transfer successfully from the S&P futures to the
SPY.  One major difference between the S&P futures and the SPYDERS is the
average volitility over the day.  I know traders who are quite successful
with the futures, but whose systems do not work with the SPY because the SPY
simply doesn't have sufficient volitility for the systems to get enough out
of each trade to offset slippage and commissions.





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