S A ADVISORY JULY 9, 1997
GLOBAL POSITIONS

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GLOBAL POSITIONS

On February 26, 1996, 900# investors were notified to total position in Paine Webber currency WT (PWP.WS) @ $20.00 We intially recommended purchase @ $6.25 on 6-13-95 - our overall gain equalled 220%

COUNTRY	COMPANY			EXCHANGE	YR		PURCH.	CURRENT	G OR	STATUS

				&/OR SYMBOL	RECOMMENDED	PRICE	PRICE	L		



JAPAN	HITACHI			TOKYO		6-4-92		790YEN	1260YEN 60%G	B

JAPAN	NISSAN			TOKYO		8-24-92		592YEN	837YEN	42%G	B

MEXICO	EMPRESSAS  ICA		NYSE (ICA)	4-6-92		$17	17 5/8	3.6%G	B

MEXICO	GRUPO SYNKO		MEX (ADR)	4-23-91		$1.25	.06	95%L	B

MEXICO	CIFRA			MEX (ADR)	7-27-91		$1.18	1.85	57%G	B

ENGLAND	LONRHO			OTC (ADR)	11-27-92	$1.08	1.30	20%G	B

ENGLAND	DAWSON HOLDING	  	LSE		8-23-93		$5.50	26.25	377%G	H

	PLC			RULE 535SUB2

CANADA	ARC INTERNATIONAL	AMEX (ATV)	8-28-93		$1.44	4 7/16	208%G	H

THAILAND	SHINAWATRA	THAI (ADR)	5-18-94		$12.25	3.50	71%L	B

ENGLAND	JEROME & SON		LSE (ADR)	5-18-94		$1.00	1.125	12%G	H

 	 HOLDINGS

CANADA	ARC INTERNATIONAL	AMEX (ATV)	7-7-94		$3.125	4 7/16	42%G	H

FRANCE	EURODISNEY 2004 WARRANTS 		10-26-94	$.12	.16	33%G	B

ARGENTINA YPF SOCIEDAD		NYSE (YPF)	3-8-95		$17.00	31 1/2	85%G	B

MEXICO	GRUPO MODELO		MEX		3-18-95		$3.66	8	119%G	H

HONG KONG  ELECTROCON		EPLTF		8-30-95		$.95	.75	21%L	B

FRANCE	EURODISNEY		1004 WARRANTS	12-10-95	$.27	.16	31%L	B

HONG KONG ASM PACIFIC TECH		

	TECHNOLOGY		ORDINARY	12-10-95	$.90	.85	6%L`	B

HONG KONG VARITRONIX

	INTERNATIONAL		ORDINARY	12-10-95	$1.65	1.75	6%G	B

JAPAN	BEAR STEARNS J

	YEN PUT WT		BYE.WS		4-22-96		$6.50	9.50	46%G	S

RUSSIA	TEMPLETON RUSSIA

	FUND INC.		NYSE		9-27-96		$21.50	54	151%G	H

THAILAND SHINAWATRA		ORDINARY	10-15-96	$8.00	3.5	59%L	B

AFRICA	ASHANTI GOLDFIELDS  	NYSE(ASL)	3-20-97		$15.25	10.81	41%L	B	 

NOTE: RECOMMEND SELLING TOTAL POSITION IN BYE.WS FOR 46% G

OUR OVERALL GLOBAL EXPOSURE YIELDS A 50% GAIN

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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.


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