				Ken Deen's
			 THE AGGRESSIVE TRADER(tm)
	    "Seeking double-digit profits in one to four months"

			     SELL SHORT ALERT
                                                               P.O. Box 4791
Vol. 1, No. 87                                       Santa Barbara, CA 93140
September 19, 1992                                            (805) 565-2039
9:00pm EDT                                            CompuServe: 72020,2050


   Stock+Options Account:  No trades

   Stock-Only Account:  No trades

   DESI Trading System(tm):  No trades

   Other Trading Ideas (these recommendations will not be tracked):
      Sell Short Recommendation:  Borland International, Inc. (BORL, $41.88)


Selling Short in a Bull Market?

   Today's short-sale recommendation does NOT indicate a shift in my bullish
stance.  I am still looking for a strong rally in growth stocks over the next
several weeks, continuing at least through the end of the year.
   However, in any market, bull or bear, some stocks move opposite to the
trend.  I expect Borland is headed south regardless of what the market
averages do.


Sell Short Recommendation:  Borland International, Inc.

   Sales and earnings have been falling off for Borland recently.  The latest
quarterly report shows earnings of 6 cents, down dramatically from 47 cents
in the year-ago quarter, and sales were down 16%.  The preceding quarters
were not much better.  The next earnings report is due out Oct. 25.
   More importantly, earnings estimates for FY '93 (ends in March) and FY '94
have been falling sharply, as industry analysts have been taking an
increasingly downbeat view of Borland's prospects.
   Against this bearish backdrop, news of a delayed product introduction hit
the wires on Friday, sending the shares reeling.  The company announced that
it will not begin shipping dBase for Windows until next year.  Shipments had
originally been scheduled to begin early this summer.  The stock fell 4 3/4
points on three times average volume.  Analysts once again took out their
erasers and revised earnings estimates downward.
   In Monday's edition of Investor's Business Daily, there are three separate
articles on Borland's woes -- on page 1, page 13, and page 31.
   The stock price, at 41 7/8, is still very high, even after Friday's tumble.
One analyst cut his fiscal '93 estimate by 20 cents to $1.45 a share.  The
stock is selling at 29 times this estimate of '93 earnings.  I expect the
stock to fall below $30, perhaps to $25, within the next three months.  Prior
to Friday, the stock had been rallying, as the software group led the market
higher.  This helps us as short sellers because the stock has just come off of
a short-term price peak.
   Expect more heavy selling on Monday, as many investors did not see the
news story until after Friday's close.  The stock may gap down at the open,
which means short-side limit orders may not get filled.  I recommend selling
short at whatever price you can get on Monday.

      <Printed version contains stock chart here.
       Contact Ken Deen to obtain a copy.>
----------------------------------------------------------------------------
   The Aggressive Trader is edited and published at irregular intervals, but
at least monthly, by Kenneth L. Deen ("Ken Deen"),  P.O. Box 4791, Santa
Barbara, California 93140, (805) 565-2039.  Until further notice, it is being
distributed at no charge. 
   Ken Deen, his employees, affiliates, and/or clients may have positions in
securities recommended herein and may make additional purchases and/or sales
in these securities.  
   Recommendations made in this publication involve a high degree of risk and
may result in losses.  Readers should not assume that recommendations will be
profitable or will equal past performance.  The information in this
publication is collected from sources believed to be reliable, but neither the
accuracy nor the completeness of this information is guaranteed.  
   Reproduction in whole or in part without the written consent of the editor
is strictly prohibited.  The Aggressive Trader, Deen Earnings Surprise Index,
DESI, DESI-3, and DESI Trading System are all trademarks of Kenneth L. Deen.
Copyright (c) 1992 Kenneth L. Deen. 
			      -END-
