S A ADVISORY
Nov 2, 1997

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S.A. Advisory's undervalued Hotline and E-mail Portfolio
Nov 2, 1997

6-90 - 11-2-97 -  211.20%

(Gain average 28.5% gain/year)							

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        S1/227 1/2     9-19-91	168%G

Latin American Fund	LAM	11-13-90  10 1/4 S 1/2   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

Cray Research	        CYR	11-21-94  19 1/2	28.625	       2-26-95	47%G

Southwest Airline	LUV	12-15-94  16	        31.375	       2-26-96	96%G

Digital Equip		DEC	7-2-94	  19.625	  73	       2-26-95(S 1/2)	271%G

United Air Specialist	UASI	2-26-91	  1.66	        5.625	       2-26-95 (incl

						div 25%)S 1/2	350%G

Imaging Diagnostic 	IMDS	10-23-95  .78	           3	       10-15-95(S 1/2)284%G

Tandem Computers	TDM	11-7-90	  10 1/2	sold@25.86     8-29-97	146%G

United Air Specialtists	PINKS	2-26-91	  1.66	         sold@9	       2-4-97	442%G

Forest Oil		FOIL	6-28-91	  5.625 	sold @15       9-2-97	184%G

Nabors Industries	NBR	1-10-92	  6.125	      sold@34.44       9-2-97	462%G

Amphenol		APH	11-2-92	  5 3/8	sold remaining

				                 	$25.75	       2-4-97	379%G

Arc International	ATV	8-28-93	  1.44	    sold 1p.6.50       9-2-97	351%G

Evans & Sutherland	ESCC	4-11-94	  19	     sold 30 1/8       9-2-97	59%G

Tripos(ESCC Spinoff 1 for 3 TRPS 6-1-94   5.00	   sold 15 1/8	       9-2-97	222%G

Franklin Telecom Corp	FTEL	8-24-95	  1.875	      sold@5.69	       2-4-97	203%G

Salton/Maxim	        SALT	2-26-96	  3.375	       sold@7.75       2-4-97	130%G

					*includes dividend

Ultratech Stepper	UTEK	4-2-96	 18.00	    sold 1/2@31.75	        176%G

Electroglas		EGLS	4-2-96	 15.75	     sold 31 7/8       9-2-97	102%G

EMC Corp		EMC	10-29-95 17.00	     sold 1/2@39       2-4-97	129%G	IBM

IBM	                        12-10-91 84 1/2	    sold 1/22@155      2-4-97	83%G

Octel		        OCTL	4-30-97	 16.00	    Sold 30.50	       7-26-97	90%G

Templeton Russian Fund	TRF	9-24-96	 19.37	    Sold 61.69	       7-10-97	222%G



	



6-90 - 11-2-97 - 71% Gain

OPENED LONG POSITIONS	

Recommended  Current	Gain or	



Company		        Symbol  Date	  Price	  Price	  Loss	  Status

Armeno Resources        AROYF	10-29-90   2.80	  .11	  94%L	    H

Astro Systems	        ASTR	8-15-90	   3.25	  15/16	  100%G distribution $5.00

Key Energy	        KEG	11-6-90	   6.5	  31 3/8  382%G	    H

United Airlines	        UAL	8-23-90	   93	  180	  93%G	    H

*USMX		        USMX	5-6-91	   1.31	   0	  100%L	    H

Grupo Synkro	        MEX(ADR) 4-23-91   1.25	  .05	  96%L	    H

Fonar		        FONR	10-24-91   1 1/12 3.44	  205%G	    H

CIFRA	   	        Mex(ADR) 7-27-91   1 3/16 1.50	  12%G	    H

New Coast Silver        NWV.V	9-20-91	   .31(US) .33	  9%G	    H

Golden Quail	        GQ RVF	10-21-91   27/32  .10	  97%L	    H

*IBM		        IBM	12-10-91   42.25  98 1/2  133%G	    HS 1/2

Monitek	                SENS	2-18-92	   1.50	  .02	  98%L	    H

ICA		        ICA	4-6-92	   17     13 5/16 22%L	    H/B

Hitachi		        Tokyo	6-4-92	   790 yen 991 yen25%G	    H/B

Micro Security	        MISY	6-16-92	   .25	   0	  100%L	    H

Circuit Research        CRLI	7-25-92	   2.72	  1.50	  45%L	    H

American Inter          AIPN	8-10-92	   25.60  4 3/8	  83%L	    H

*Columbia Gas     	CG	8-15-92	   17 3/8 72 1/4  316%G	    H

Nissan	  	        Tokyo	8-24-92	   592 Yen 630 yen6.4%G	    B

*Plasma Therm	        PTIS	9-11-92	   19/32  8.91	  1410%G    H

Minorco		        MNRCY	10-23-92   12 3/8 20 3/8  64%G	    B

George Risk Ind.      	RISKA	11-2-92	   .08	  2.25	  2556%G    B/H

Lonrho		        ADR	11-27-92   1.08	  1.60	  48%G	    H

CenterCore 	      	CCOR	5-2-93	   13/16  .15	  85%L	    B

RCM Technologies        RCMT	5-22-93	   4.125  14 1/2  251%G     H

Buttrey Food & Drug     BTRY	6-13-93	   8	  11 1/4  40%G	    H

Meridian National	MRCO	6-16-93	   3.10	  7/8	  72%L	    H/B

Dawson Holding PLC Rule LSE     8-23-93	   5.50	  26.25	  377%G	    H

Inotek Technologies	INTK	10-8-93	   .875	  7/8	  0%G       B

Infinite Graphics	INFG	12-2-93	   1.00	  .81	  19%L      H

Technology Marketing	TMKT	1-24-94	   .375	  0	  100%L	    H

Tayco		        TYCO	2-2-94	   2.50	  3 1/4	  30%G      H

Corcom		        CORC	5-2-94	   2.00	  9 1/2	  375%G     H

Southwest Air	        LUV	5-18-94	   24.87  32 5/8  31%G      H

Jerome & Son	        LSE(ORDS)5-18-94   1.0    1.125   12.5%G    H

Shinawatra Computer 	Thailand 5-18-94   12.25  2       84%L      L

  & Comm		ADRS

Phonetel		PNTL	5-24-94	   11.25  2 7/8	  75%L	    L

Arc International	ATV	7-7-94	   3.125  5 1/2	  52%G	    L

1/3*Digital Equipment	DEC	7-2-94	   19 5/8 50 1/16 155%G     B

Wiltek Inc.		WLTK	9-14-94	   3/8	  .75	  100%G	    H/B

Euro Disney 2004 Warrants N.A.	10-26-94   .12	  .11	  8%L	    H/B

Pacific International	PISC	12-13-94   .53	  .001	  99%L	    H

DTC Data Tech	        DTEC	1-27-95	   .29	  .02	  93%L	    H

YPF Sociedad	        YPF	3-8-95	   17	  32	  88%G	    B/H

Meridian National	MRCO	3-18-95	   1 7/8  7/8	  54%L	    H

Grupo Modelo	        Mexican	3-18-95    2.75	  8	  190%G	    B/H

Walbro Corp		WALB	5-9-95	   18.75  20 3/4  11%G	    H/B

Data 1 Inc.		DMEM	5-12-95	   1.125  .01	  99%L	    H

Quantum Corp       	QNTM	6-7-95	   22	  31 5/8  44%G	    B/H

PST Vans		PSTV	6-27-95	   6.50	  3 11/16 56%L	    B/H

Abatix Envir		ABIX	7-20-95	   3.50	  3 1/8	  11%L	    H

Tenney Engineering, Inc.TNGI	7-28-95	   .375	  .26	  31%L	    H/B

Digital Products Corp.	DIPC	7-28-95	   .44	  .025	  94%L	    H

Ectrocon International	EPLTF	8-31-95	   .95    1.44	  15%G	    H

*Imaging Diagnostic     IMDS	10-23-95   .78	  1 1/2	  92%G	    H

*EMC Corp		EMC	10-29-95   17.00  56	  229%G	    H/B

CTI Group Inc.	        CTIG	12-10-95   .41	  .37	  10%L	    H/B

Texas Micro 		TEXM	12-10-95   5.625  3.31	  42%L	    B

ASM Pacific Tech LTD	HongKong 12-10-95  .90	  .75	  17%L	    H

Varitronix		HongKong 12-10-95  1.65	  1.65	  0%G	    H

Eurodisney 2004WTS	France	12-10-95   .27	  .11	  60%L	    H

Cable Link, Inc.	CBLK	2-28-96	  3.75	  3.25	  122%G	    B

*Ultratech Stepper	UTEK	4-2-96	   18.00  27 1/4  73%G	    HS1/2

American Education Corp	AEDU	6-18-96	   1.125  1.00    11%L	    H

Integrated Silicon Sol  ISSI	6-24-96    12.25  10	  19%L	    B

CVD Equipment	        CVDE	9-5-96	   1.50	 1.50	  0%	    H/B

HIA Inc.		HIAI	9-5-96	   .4375  .20	55%L	    H/B

Alpha Microsystems	ALMI	7-20-96	   2.00  1.44	28%L	    B

Orbit International	ORBT	10-15-96   2.56  2.44	2.5%L	    B

Ashanti Goldfields	ASL	3-20-97	   15.25  10	35%L	    B

EV Environmental	EVEN	4-3-97	    .41  .18	57%L	    H

ACT Networks	        ANET	8-9-97	    13.25	 9.44	28%L	 B/H

Global Spill		GEGI	8-20-97  .375	   .81	116%G	    B

Technology General	TCGN	9-2-97	   .31	.50	61%G	    B

Computer Devices	CTDVB	8-6-97	   .40	.44	10%G	    H

Inotek	           	INTK	8-9-97	   .94	.875	7%L	    B

Digital Equipment	DEC	7-9-97	  35  . 50	50 1/16	41%G	B

Silicon Graphic	        SGI	7-9-97	   16.50  11/16	11%L	    B

Lynton Group	        PINKS	9-24-97	   .69	.75	9%G	    B

Bonzo Electronics wts	BNSWF	10-29-97  1.00	1 3/4	75%G	    B/H

Applied Magnetics	APM	10-30-97  22.69	 23 1.3%G	    B

Applied Materials	AMAT	10-30-97  33	 33 7/16 1.3%G	    B

Spectrian Corp.	        SPCT    10-30-97  22.75	 23 1/2	 3.2%G	    B

Sun Microsystems	SUNW	10-30-97  32.94	 34 1/4	 3.9%G	    B

Templeton Dragon Fund	TDF     10-30-97  12.25	 12.81   4.6%G	    B	

N* denotes that 1/2 position; 1/3* - denotes sold 1/3 position;
Note: UAL declared a 4 for 1 forward split

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In order to stay in line with SEC guidelines, S.A. Advisory may buy, hold or sell positions in all securities recommended. The portfolios are all hypothetical in nature. It is likely that all recommendations were purchased prior to the recommendation. We may buy additional shares or may sell shares at any time. S.A. Advisory's portfolios are geared towards sophisticated investors aiming for long-term capital gains. Our trading habits may vary at our own discretion. Most recommendations are based upon strict fundamental analysis. Usually revenue and earnings EST for low priced common stock result from management discussions.


Sept - Oct 1997 NEWSLETTER

Copyright © 1997 S.A. Advisory