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How do you go short using SPY's? Do you have to sell them short on an
uptick from a margin account? Is there an instrument on the exchange
like the RYDEX Ursa mutual fund that you can go long an instrument that
does the opposite of the market--that is without having to sell short?
I'm looking for something that's not a deteriorating or highly leveraged
vehicle (e.g. options and futures) to trade both sides of the market.
Dick
On Wed, 21 Jan 1998 21:41:53 -0800 James Charles <money4u@xxxxxxxxx>
writes:
>Hi Guys,
>
>Although I play oex options often, and spx options occasionally, they
>are options against the cash index and not the futures. I don't trade
>futures. With less leverage, less risk, and less excitement I do
>trade
>SPY's. They are the s&p for us stock traders I trade them short
>term
>and sometimes often hold them overnight. At least I don't have to
>worry
>about premium decay.
>
>Today at 11:44 am I felt we had dropped to just under a point of
>overhead resistance based on the daily charts and based on what I saw
>on
>the ticker. At that time I sold boko SPY's @ 97 1/8 to close out a
>long
>position. I would appreciate hearing from you futures guys as to
>whether you think my trade was technically justified at that time and
>if
>you think entering a short position was justified as well (which I did
>not do).
>
>Best wishes,
>
>James
>
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>
>
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