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>Date: Thu, 19 Aug 1999 13:24:00 -0700
>From: fpi@xxxxxxxxxxxx
>
>I have an open of 1334.50 for the cash S&P 500 for 8/17.
>
>A friend says it was actually 1341 or so.
>
>I can't duplicate that either by subtracting the premium from front-month
>futures or any other method.
>
>He attributed it to "the settlement of opening prices."
>
>Can anyone shed some light on this for me? Or advise me when I get some
>more information on it?
It just depends on what you want to call the "open". Your friend was
probably referring to the official "open" which is calculated by S&P. You
have to wait for all 500 stocks to open which can take a couple of hours and
can be quite different from the first tick you see across the wire.
I'm sure there is a technical description of this somewhere, but in simple
terms you get the idea.
Kevin
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