Hi Iya
The second best thing to spearfishing is mucking about with spearfishing related stuff, isnt it.
the lastest edition to my flasher is silver stips from Christmas decorations. they have a holographic effect and look great underwater. i cable tied them at the middle, and then cabled tied it again about 3cm from the top, so it looks squidish. I also put some inside the skirt of a plastic squid, to give the squid some flash.
I tried CD-R's and they were only good for one dive because they peeled etc, but they did look good underwater. i strung them through the holes (in elevation view it looks like this. the I is a CD and the - is the line. ------I------I------I------I----I) , with a piece of plate to hold them in position, and the whole lot wriggled around nicely. didnt have anything come up to it though .
I also heard that the silver stuff they use for Box-wine bags is also good. its very shiny and also quite thick. the guy who told me about it said its good for king/spanish macks.
otherwise, you must see the commotion that a few mirrors strung together causes with the kingfish (trevally)
and about the moive, apparently the doggies really like the little mermaid
good luck
Mark