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To: Sonki who wrote (13895)	8/4/1998 8:44:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 42787

Sonki FairValue and Premium have to do with the S&P 500 futures and the cash if you are interested in these kinds of things I suggest you surf around the CME site www.cme.com

To: Sonki who wrote (13895)	8/5/1998 1:46:00 AM
From: Kenneth R Miller	Read Replies (3) \| Respond to of 42787

PREM and FV (premium and fair value) are part of the ticker on cnbc undated every 10 minutes.. you can get a download from cnbc on how to read the ticker... try their web site and look around for the ticker

To: Sonki who wrote (13895)	8/5/1998 1:57:00 AM
From: Kenneth R Miller	Respond to of 42787

Sonki.. I copied it for you.. here it is... PREM: The PREM Value Index is useful in determining when computer-driven "buy" or "sell" programs are likely. Through computer programs, traders take advantage of premiums or discounts between the current price of stocks and stock index futures. Comparing the actual index to the futures contract, a trader will quickly sell the more expensive of the two and buy the less expensive. This computer-based activity (known as "program trading") can often accentuate sudden swings in the price of certain stocks, or cause dramatic shifts in the entire market. In general, when a significant premium exists, buy programs are likely to occur. When a significant discount exists, sell programs are likely. As a contract moves toward expiration, the difference between the future and cash prices will diminish. As a result, the premium or discount needed for a buy or sell program will also get smaller. When the PREM is larger than FV.. buy programs are generated. When the PREM is smaller than FV sell programs are generated... hope this explains it for you... later... Ken