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Strategies & Market Trends : Ask DrBob

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To: Drbob512 who started this subject	7/27/2001 8:52:27 AM
From: Louis V. Lambrecht	Read Replies (2) of 100058

Futures still trading on a par with the Nasdaq PMI, means that the premium to cash is completely whiped of: futures are 9 pts cheaper than fair falue to cash. Very unusual: futures currently at 1971 Naz PMI 1974. On a normal day, futures should trade 1974 + 9 (current premium) + 6 (usual extra before 9 a.m.) = 1989. That is a huge difference (1989-1971=18) I've never observed before (not saying it has never happened). But such a difference would put all program trading systems on a sell. Furter: the cubes on Island trade at 41.4 which corresponds to 1660 on the NDX. Futures and cubes trade at the same level, is there an error in the Nasdaq PMI? I would trust 1660 as an opening indicator. But we still have 40 min. o go.

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