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To: Sarmad Y. Hermiz who wrote (40211)	2/15/1999 9:41:00 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

Divide the "net change" by 100. That's 5 S&P points, about 40 dow points. The "last" quote is fully representitive of the index level.

To: Sarmad Y. Hermiz who wrote (40211)	2/15/1999 11:59:00 PM
From: IceShark	Read Replies (1) \| Respond to of 164684

Sarmad, You better read up on S&P futures a bit - go over to the CBOE's web site. Pay attention to cash value, the value of a particular futures contract and fair value. Otherwise you will be confused with what the futures quote means for the equity markets. The reason they mean jack is that it indicates sentiment and more importantly will trigger program trading to take advantage of the pricing spreads. Also, Globex trading is somewhat thin so when the "real" markets open things can change, and fast. regards, Ice