Re: cash ,,,,

[Clint Chastain <flag@xxxxxxxxxxxx>]

I had always assumed that cash prices followed futures prices, although I
don't actively follow the futures. Seems to me that the futures would be the
most efficient and rapid vehicle available with which to allow the pros to
express a change in sentiment. If that is accepted as fact, then stock
prices would have to quickly follow futures prices or else there would be
free money - arbitrage profits - left on the table. And of course that
doesn't happen.

Could it be that variations in individual user reception circumstances are
at the root of the wide variance in user perceptions of which index leads
which? For example:

cable vs. modem vs. satellite vs. fm
fast computer vs. slow computer
good eyesight vs. poor eyesight
good weather vs. bad weather
near of far from exchange
squirrel chewing on the cable insulation on the roof of data vendor A's
building vs. no squirrel on data vendor B's building.

I myself dunno, just trying to understand.

Clint



-----Original Message-----
From: Allan Havemose <havemose@xxxxxxxxxxxxx>
To: Omega-List <omega-list@xxxxxxxxxx>
Date: Friday, January 29, 1999 9:24 AM
Subject: Re: cash ,,,,


>In my experience, the most significant "feature" of SPX is that it is not
>manipulated by the locals at the CME. I have found it worth the minute of
>two it takes to confirm an SP move with an SPX move.
>