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To: Kevin who wrote (32538)	1/8/1998 4:02:00 PM
From: ViperChick Secret Agent 006.9	Respond to of 58727

here is what they say: the premium or spread prices listed above in US Dollars (PREM) are the actual price levels which we will use today to execute our computer assisted buy and sell programs. Our FairValue is the actual price level at which our index arbitrage programs will break even including clearing costs, any normal slippage on executions, and/or NYSE trading curbs placed on the computer entry of our orders. Please do not confuse our PREM execution levels listed above with the so called "theoretical prices" for fair value and buy and sell program levels listed in the media and announced each morning on CNBC. Those prices are only theoretical in nature; and therefore, are not applicable in the real world of program trading, using real money, in real accounts, and trading for real profits

To: Kevin who wrote (32538)	1/8/1998 4:10:00 PM
From: sergio	Read Replies (1) \| Respond to of 58727

Kevin, Happy New Year! Hopefully this year will be more prosperous one. The upper/lower trigger point for program you mentioned are specific to your company right? Or is it the same for all programs? I think it is different for each because of not having same cost for each therefore everyone has slightly different trigger depending on cost to carry. By the way I use this as my guide: programtrading.com Sergio

To: Kevin who wrote (32538)	1/8/1998 4:21:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 58727

i am showing that the prem is under 6 is that what you have so how do you tell if a sell program hit?