Significance of Spreads

["Cyrus S. Patel" <cyrus_s._patel@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx>]

     I am looking for some trading insights on how to interpret spreads for 
     the purpose of trading and whether review of spreads provides some 
     useful trading edge. 
     
     In particular, I am looking for comments on the spreads between cash 
     and forward contract as well as between the forward contract and one 
     contract further out for S&P and currencies.
     
     Thanks in advance.
     
     Cyrus