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To: accountclosed who wrote (18161)2/4/1999 4:46:00 PM
From: Defrocked  Read Replies (1) | Respond to of 86076
 
Bloomberg has them live, keyed off their estimate
of dividends remaining and carrying cost. Upper
arb is currently 6.24 and lower is 3.9 which are
added to spot SPX. If nearby is above the range
look for buy programs. Futures below triggers sell program
activity.

When we consistently trade near the lower arb the
the pit is bearish. Hasn't happened for a prolonged
period in quite a while.