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<DIV>SPY is extremely heavily traded (2million+ shares daily) because it is
used<BR>by many as a substitute for S&P500 index funds. I use it for both
trading<BR>and as an indicator for the S&P. One extremely valuable attribute
is that<BR>accumulation/distribution studies provide results which are far
superior<BR>to the same studies run on the futures. On price basis, SPY does
pay<BR>a quarterly S&P500 dividend so dividend accrual is reflected in the
price.<BR><BR>Earl<BR><BR>-----Original Message-----<BR>From: A.J. Carisse
<carisse@xxxxxxxxxxx><BR>To: <A
href="mailto:omega-list@xxxxxxxxxx";>omega-list@xxxxxxxxxx</A> <<A
href="mailto:omega-list@xxxxxxxxxx";>omega-list@xxxxxxxxxx</A>><BR>Date:
Monday, January 05, 1998 9:20 PM<BR>Subject: Re: bad ticks on spx
cash<BR><BR><BR>>The difference is that the SPX is an index, calculated as a
function of the<BR>>price of its components (S+P 500), whereas SPY (S+P
Deposit Receipts, or<BR>>"Spiders") is traded like a stock.
SPX would give you the true *cash*<BR>index,<BR>>instead of the current
market for the receipts of the Spiders, which are<BR>traded<BR>>on AMEX, with
its price depending on the current market.
Generally,<BR>though,<BR>>SPY trades at about one-tenth the value of SPX,
since this is its listed<BR>>value. Although SPY is slow-moving
compared to many equities, and cannot<BR>be<BR>>leveraged the way futures
can, it is immune from the downtick rule, and<BR>thus<BR>>can be shorted
freely, which can come in handy at times. As far as its
use<BR>as<BR>>a
market indicator, the SPX would be superior, since it is a direct
measure<BR>of<BR>>the cash index, with SPY being a derivative of
it.<BR>><BR>>A.J.<BR>><BR><BR></DIV>
<DIV><FONT color=#000000 size=2>Earl Adamy</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Tue Jan 13 22:09:57 1998
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Date: Tue, 13 Jan 1998 16:42:26 -0800
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From: Phil Lane <logical@xxxxxxxxxxxxx>
Subject: what time is it??
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Greetings,
I've been trying to find a way in an EL system to restrict an entry to the
first hour or two of the trading day.
For example if there was a function called "TradeTime" I'd use it like
this: If TradeTime>930 and TradeTime<1030 then blah blah etc...
Evidently the CurrentTime function gives me the time right now, today.
Doesn't seem to apply to backtesting. Or else I'm completely missing
something. This happens sometimes!
Any enlightenment would be greatly appreciated!
Thanks
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