Ken Deen's
			   THE AGGRESSIVE TRADER
			        SELL ALERT
                                                           1339 Virginia Rd.
Vol. 1, No. 33                                           Montecito, CA 93108
April 7, 1992                                                 (805) 565-2039
                                                      CompuServe: 72020,2050


   SELL SPI Pharmaceuticals (Amex: SPI)
      * This morning I sold SPI at 25 5/8.  I had bought this on Feb. 21 at
        33 1/4 (see Vol.1 #18).
 
   Model Portfolio:  No trades


Discussion: SPI Pharmaceuticals

   I am selling SPI for purely technical reasons.  The fundamentals are
so very good that I am keeping it on my "hot watch" list for possible
re-purchase at some future date.
   In spite of its outstanding fundamentals (discussed in Vol.1 #18), SPI
has been getting hammered since Jan. 9 when it reached a closing peak of 37.
I bought on what I thought at the time was a short-term bottom, but I was
wrong.  The stock resumed its fall immediately after I bought.  For the last
couple of weeks, SPI has been levelling off, with apparent support at 26 1/4.
Once again, I thought the stock had bottomed out.  However, yesterday, it
dropped to 25 5/8 on high volume.  Enough is enough.  It's time to cut
losses.