]> SA Advisory

S. A. Advisory's Undervalued Hotline
1-900-990-0909 Ext. 192
$2.00/MINUTE

S. A. ADVISORY'S MODEL $100,000 PORTFOLIO 
FROM Sept 13, 1994 - July 27,1995
  UP  17%
NASDAQ COMPOSITE  12-31-94 - 7-27-95  UP 33%
WILSHIRE 5000  12-31-94 - 7-27-95  UP 22%
RUSSELL 2000  12-31-94 - 7-27-95  UP 18%
DOW JONES  12-31-94 - 7-27-95  UP 22%
S. A. ADVISORY'S 900# Portfolio
6-90  7-27-95 Closed out long position  189% gain
6-90  7-27-95 Opened long position  54% gain
Our open short and closed out short positions located in specific 900# portfolios are unavailable for this newsletter								
	
6-90 - 7/27/95 189% Gain   CLOSED OUT LONG POSITIONS            
					Close			Company		Symbol	Date	Price	Out	Date	Status
Bankof NY		BK	8-15-90	14 1/2	30 1/2	3-7-91	110%G
Latin American Fund	LAM	11-13-90	10-1/4 S 1/2	27 1/2	9-19-91	168%G
Latin American Fund	LAM	11-13-90	10 1/4 S1/2	33 3/4	3-31-92	224%G
National Semi	NSM	10-10-90	3 1/2	7 3/8	2-22-91	110%G
RJR Nabisco Wts	RNWS	10-12-90	4 1/2	8 5/8	2-26-91	91%G
Phoenix Resource Wts	PHNA	1-4-91	.015	.0325	3-8-91	116%G
Computer Research	CORE	4-17-90	13/32	7/16	11-15-91	7.5%G
Security Enviro	SENV	9-19-91	9/32 sold 1/2	.81	1-31-92	200%G
Transtector Systems	TTOR	8-24-92	.09 sold 1/2	7/32	9-10-92	126%G
Transtector Systems	TTOR	8-24-92	.09      tendered remained 	10-23-92	11%G
				1/2 @ .10 plus debenture
Compaq Computer	CPQ	12-19-92	23 1/8	42 1/4	11-6-92	83%G
Seagate Convert                  6.75, 2012	11-6-90	450	800	12-30-92	77%G
Paine Webber Bond wts	PYD.WS	9-30-91	5 3/8	11 3/4	2-9-93	118%G
Optelecom		OPTC	4-6-92	2 5/8  Sell 1/3   9	2-9-93	242%G
IMB Leap Strike 85 Jan 93		12-10-91	9 7/5	0	12-30-92	100%L
XScribe Corp.	XSCR	5-21-92	.41	.81	2-9-93	97.5%G
Optelecom		OPTC	4-6-92	2.625 sell 2/3	13.625	4-5-93	419%G
Forest Oil		FOIL	6-28-91	1.125	S1/2@5.25	6-13-93	366%G
Tel-Electronics	TELS	10-29-91	.41	1.65	5-12-93	302%G
Nabors WTS		NBRWS	1-10-92	2.125	4 3/8	6-13-93	106%G
Speizman		SPZN	2-15-93	3.875	S1/2@$10 1/4 6-13-93	164%G
USMX, INC		USMX	5-6-91	1.31	I/2(S) 5.124 10-8-93	290%G
Speizman		SPZN	2-15-93	3.875	(S) total $13 10-8-93	235%G
CBS		CBS	9-24-90	155	272	1-8-93	75%G
Citicorp		CCI	11-7-90	12 1/8	38 5/8	10-8-93	218%G
Colonial Data	CDT.EC	3-4-91	1.09	S 1/2@$4	12-16-93	267%G
CIFRA		MEX ADR	7-27-91	1.18	S 1/2@$3.20 12-16-93	171%G
Amphenol		APH	11-2-92	5.375	S 1/2@$16.75 2-14-94	211%G
New Canainin	NNI.V	6-15-92	1.20C	1.20C	2-14-94	0%G
IBM Leap strike 85 Jan 94 WIBAQQ	4.692	10.25	0	12-23-94	100%L
Security Environmental	SENV	9-19-91	.84	6.125	2-14-94	629%G
United Airlines	UAL	8-23-90	93	5 1/2, 141 1/2 2-14-94	52%G
Boise Cascade	BCC	5-6-91	25 1/4	26 1/2	2-14-94	5%G
Plasma Therm	PTIS	9-11-92	.59	S 1/2@$3.06	2-14-94	418%G
Columbia Gas	CG	8-15-92	17 3/8	S1/2@$27.375 2-14-94	58%G
Colonial Data	CDT	3-4-91	1.09	S1/2@$12.75 12-12-94 	1069%G
Zeus Components	ZING	6-25-91	2.375	8.875	3-26-95	274%G
Plasma Therm	PTIS	9-11-92	.59	S1/4@ 7 3/16 12/15/94	1017%G

6-90 - 7-27-95 -- 54% Gain	OPENED LONG POSITIONS	
			          Recommended  Current	Gain or	
Company		Symbol	Date	Price	Price	Loss	Status
Armeno Resources	AROYF	10-29-90	2.80	.17	94%L	H
Astro Systems	ASTR	8-15-90	3.25	4 5/8	42%G	B/H
Key Energy		KEG	11-6-90	6.5	5	23%L	H
*United Airlines	UAL	8-23-90	93	149 5/8	60%G	H
  (employee buyout $84.81 cash 1/2 new share)
Tandem Computers	TDM	11-7-90	10 1/2	12 1/4	20%G	H
Denning Mobile Robot	B.Board	1-9-91	.25	.03	88%L	H
United Air Specialtists	PINKS	2-26-91	1.66	3 3/4	125%G	B/H
  (3 for 2 forward split)
*USMX		USMX	5-6-91	1.31	2 7/32	69%G	H
Grupo Synkro	MEX(ADR)	4-23-91	1.25	1	20%L	H
Fonar		FONR	10-24-91	1 1/12	2 29/32	160%G	H/B
*Forest Oil		FOIL	6-28-91	1 1/12 	2 1/2	122%G	H
CIFRA		Mex(ADR)	7-27-91	1 3/16	1.35	14%G	H
New Coast Silver	NWV.V	9-20-91	.31(US)	.35	13%G	H
Golden Quail		GQ RVF	10-21-91	27/32	9/16	27%G	H	IBM		IBM	12-10-91	84 1/2	109	29%G	B/H
Monitek		MTEK	2-18-92	1.50	.15	90%L	H
Nabors Industries	NBR	1-10-92	6.125	8 5/8	41%G	H/B
ICA		ICA	4-6-92	17	9 5/8	44%L	H
Hitachi		Tokyo	6-4-92	790 yen	928 yen	17%G	B	Micro Security	MISY	6-16-92	.25	.03	88%L	H
Circuit Research	CRLI	7-25-92	2.72	1 7/8	32%L	H/B
American Inter Petro	AIPN	8-10-92	25.60	23/32	97%L	H
*Columbia Gas	CG	8-15-92	17 3/8	34 5/8	99%G	H
Nissan		Tokyo	8-24-92	592 Yen	627 yen	6%G	B
*Plasma Therm	PTIS	9-11-92	19/32	4	578%G	H
Minorco		MNRCY	10-23-92	12 3/8	24 3/4	100%G	H
*Amphenol		APH	11-2-92	5 3/8	26 1/4	388%G	H
George Risk Ind.	RISKA	11-2-92	.08	.81	912%G	B/H
Lonrho		ADR	11-27-92	1.08	2.40	122%G	B/H
CenterCore 		CCOR	5-2-93	13/16	.31	62%L	B/H
RCM Technologies	RCMT	5-22-93	.34	9/16	65%G	H
Buttrey Food & Drug	BTRY	6-13-93	8	7	18%L	B
Meridian National	MRCO	6-16-93	3.10	2	35%L	B
Dawson Holding PLC Rule 535 Sub 2 LSE  8-23-93	5.50	8.30	50%G	B/H
Arc International	ATV	8-28-93	1.44	3 5/16	130%G	B/H
Inotek Technologies	INTK	10-8-93	.875	3/4	15%L	H/B
Infinite Graphics	INFG	12-2-93	1.00	.75	25%L	H/B
Technology Marketing	TMKT	1-24-94	.375	.06	84%L	H
Tayco		TYCO	2-2-94	2.50	2.50	--	B
Evans & Sutherland	ESCC	4-11-94	19	17 3/4	7%L	B/H
Tripos (ESCC Spinoff 1 for 3 TRPS	6-1-94	5.00	6 1/2	30%G	B/H
Corcom		CORC	5-2-94	2.00	7 1/2	275%G	H
Southwest Air	LUV	5-18-94	24.87	28 1/4	14%G	B
Jerome & Son	LSE(ORDS)	5-18-94	1.00	1.25	25%G	H
Shinawatra Computer 	Thailand	5-18-94	12.25	13	6%G	B
  & Comm		ADRS
Phonetel		PNTL	5-24-94	1.875	1 5/32	39%L	H
Arc International	ATV	7-7-94	3.125	3 516	6%G	B
Digital Equipment	DEC	7-2-94	19 5/8	38 1/2	96%G	B
Wiltek Inc.		WLTK	9-14-94	3/8	.20	47%L	B
Cray Research	CYR	11-21-94	19.25	27	41%G	B
Southwest Airlines	LUV	12-15-94	16	28 1/4	76%G	B
Euro Disney 2004 Warrants N.A.	10-26-94	.12	.60	400%G	B
Pacific International	PISC	12-13-94	.53	.44	17%L	H
DTC Data Tech	DTEC	1-27-95	.29	.20	31%L	H/B
YPF Sociedad	YPF	3-8-95	17	18.75	10%G	B
Meridian National	MRCO	3-18-95	1 7/8	2	6%G	B
Grupo Modelo	Mexican	3-18-95	11	14	9%G	B
Walbro Corp		WALB	5-9-95	18.75	22	17%G	B
Data 1 Inc.		DMEM	5-12-95	1.125	2 3/8	11%G	B
Quantum Corp	QNTM	6-7-95	22	24 1/2	11%G	B
PST Vans		PSTV	6-27-95	6.50	7	8%G	B
Abatix Envir		ABIX	7-20-95	3.50	3 3/4	7%G	B

NOTE:* denotes that 1/2 position was sold at some time - please review closed out position for actual numbers. * 1/4 - 25% additional positions sold from remaining 1/2 positions			

S.A.'s $100,000.00 LOW PRICED STOCK PORTFOLIO - JULY 27, 1995

NAME	          	EXCHANGE    SYMBOL      # SHARE           COST/SH TOTAL COST      CURRENT  PRICE STATUS
ADAM RESOURCES	AMEX	AE	   500	     3.50	1,750	       7 3/4	H     	ADDMASTER	OTC	(PINKS)	2,500	        3/4	1,875	       1.25	H     
AMERICAN
   ELECTROMEDICS Bulletin Board	AECO	5,000	       .28	1,400	         .56	H/B
ANACOMP INC	NYSE	AAC	1,500	     4.375	6,562.5	         15/16	H
CLARY CORP	NASDAQ	CLY.P	2,000	       .56	1,120                      7/8	B	DENNING MOBILE
   ROBOTICS           Bulletin Board	GARD	3,000	       .44	1,320	         .03	H
FEDERATED PUR-
   CHASER		NASDAQ	FEDP	1,500	     1.00	1,500	         .25	H
HORIZON GOLD 
   SHARES		NASDAQ	HRIZ	   250	     6.50	1,625	         .01  	H
IMAGE SOLUTIONS	NASDAQ	ISOL	1,125	     1.75	1,968.75	       1 7/8	B
TERRA-INDUSTRY	NYSE	TRA	1,000	     6.125	6,125	     12 7/8	H/B
JETRONICS		AMEX	JET	2,000	     2  3/8	4,750	       5/8	H
MARCADE GROUP	BULLETIN BOARD AGIN     200	    11.50	2,300	       NA	--
MICROPAC 
   INDUSTRIES	OTC	(PINKS)	1,500	       .75	 1,125	         5/8	B
MINORCO		NYSE    MNRCY  (ADR)       400          	   15.875	 6,350	     24 3/4	H/B
NORTH AMERICAN
   BIOLOGICAL	NASDAQ	NBI0	1.750	       .75	 1,312.5	     10 3/4	B/H
RIBI IMMUNO
   CHEM		NASDAQ	RIBI	   250	     2.375	    593.75       	       4 1/8	B
SCIENCE 
   ACCESSORIES	NASDAQ	SEAS	   333	     2.62	    875 	         .25	H
SPECTRUM LABS    Bulletin Board	SPTM	1,667	       .75	 1,250	         .44	H/B
SYS, INC.		OTC              (PINKS)	2,000	       .50	 1,000	         .05	H
TRANSACT
   INTERNATIONAL   Bulletin Board	TACT	3,000	       .41	 1,230	         .25	B/H
UNITED AIR
   SPECIALISTS	OTC	(PINKS)	1,500	     2.50	 3,550	       3 3/4	B

AFP  IMAGING CORP. 	NASDAQ	AFPC	1,500	     1.31	 1 968.75                3/4	B
RCM TECHNOLOGIES	NASDAQ	RCMT	   300	     4.12	 1,237.50	         9/16	H/B
DENNING MOBILE	NASDAQ	(PINKS) 	4,000	       .25	 1,000	          .03	H
  ROBOTICS	
UNITED AIR SPECIALISTS    OTC	(PINKS)	1,500	     1.66	 2,500	       3 3/4	B
USMX, INC		NASDAQ	USMX	2,000	     1.38	 2,620	       2 7/32	H
GRUPO SYNKRO	MEXICAN	ADR	2,000	     1.25	 2,500	       1	H
FONAR		NASDAQ	FONR	1,000	     1.0625	 1,062.50	       2 29/32	H
FOREST OIL	NASDAQ	FOIL	1,000	     1.125	 1,125	       2 1/2	H
ARMENO MINING &
     MINERALS 	NASDAQ	AROYF	   400	     4.10	 1,640	          .17	H
NEWCOAST SILVER  VANCOUVER	NWV.V	3,000	        .31	    930	           .35	H
  MINES LTD
CIFRA		MEXICAN	(ADR)	1,000	      1.18	 1,180	         1.35	H
HADRON		NASDAQ	HDRN	5,000	        .28	 1,400	           .43	H
Micro Security Systems  OTC	MISY	5,000	        .25	 1,250	           .03	H
PLASMA THERM	NASDAQ	PTIS	1,875	        .59	 1,106	         4	H/B
LONRHO		LONDON	ADR	2,000	      1.08	 2,160	        2.40	B/H
CENTERCORE INC.	NASDAQ	CCOR	5,000	        13/16	 4,050	           .31	B
*MERIDIAN NATIONAL	NASDAQ	MRCO             1,000	      3.10	 3,100 	        2 	B
DAWSON HOLDINGS  LSE RULE 535 SUB 2 	1,000	      5.50	 5,500	         8.30	B
INOTEK TECHNOLOGIES  NASDAQ	INTK	5,000	        .875          4,375	            3/4	H/B
TECHNOLOGY MARKETING BULLETIN TMKT      10,000	        .375	 3,750	           .06	H
INFINITE GRAPHICS	BULLETIN	INFG	5,000	      1	5,000	           .75	H/B
TAYCO		BULLETIN	TYCO	1,000	      2.50	2,500	         2.50	B
CENTERCORE	NASDAQ	CCOR	5,000	      1	5,000	           .31	B
WILTEK		NASDAQ	WLTK           10,000	        .375	3,750	           .16	B	PACIFIC INTER-
  NATIONAL		NASDAQ	PISC             10,000	        .53	5,300	           .44	H/B
EURO DISNEY 2004 WARRANTS	FRANCE      10,000	        .12	1,200	           .60	B
DTC DATA TECH	NASDAQ BB	DTEC           20,000	        .29	5,800	           .20	H/B
MERIDIAN NATIONAL	NASDAQ	MRCO            3,000	      1 .875	5,625	         2	B
DATA 1 INC.		NASDAQ BB	DMEM          10,000	         .875	8,750	         2 3/8	B
SOFTPOINT INC.	NASDAQ BB	SOFP            10,000	         .10	1,000	           .07	H
ABATIX ENVIRO	NASDAQ	ABIX	3,000	       3.50       10,500	         3 3/4	B					
* Consultant			* *TOTAL COST                        153,331.25
	JULY 27, 1995 PORTFOLIO VALUATION	              185,685.85
			                CASH	                61,010.40
17% gain from September 12, 1994 - July 27, 1995.
Note: 1. September 12 portfolio value 136K + 75.8K cash
 Note: Our $100,000 Portfolio was formed December, 1990. Since the formation, stocks have been bought and sold. At present total cash $61,010.40 and portfolio value is $185,685.85, which equals a total valuation of $246,696.25. - net profit equals $146,696.25 in 4 1/2 years. We at S. A. Advisory are quite proud of our overall return.
	Future results cannot be guaranteed, but we believe that if our investment strategy stays focused that continued investment appreciation can be attained.

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