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Re: What is Fair Value

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<DIV><FONT color=#000000 size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT 
color=#000000>Hi Lee,</FONT></FONT></DIV>
<DIV><FONT color=#000000 size=2><FONT color=#000000></FONT></FONT>&nbsp;</DIV>
<DIV><FONT color=#000000 size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Why 
not go straight to the source?&nbsp; </FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT>&nbsp;</DIV>
<DIV><FONT color=#000000 
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Good luck and good trading,</FONT></DIV>
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size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Ray Raffurty</FONT></DIV>
<BLOCKQUOTE 
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    <DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From: 
    </B>Lee Clayton, D.D.S. &lt;<A 
    href="mailto:dds2@xxxxxxxxxx";>dds2@xxxxxxxxxx</A>&gt;<BR><B>To: 
    </B>RealTraders Discussion Group &lt;<A 
    href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>&gt;<BR><B>Date: 
    </B>Friday, January 29, 1999 10:03 AM<BR><B>Subject: </B>What is Fair 
    Value<BR><BR></DIV></FONT>
    <DIV><FONT size=3>I understand that the Premium number that is reported is 
    the difference between the current futures contract and the cash value of 
    the S&amp;P 500 index.&nbsp; Recently CNBC has been talking abou the Fair 
    Value number.&nbsp; Can someone explain what this is and how 
    calculated?</FONT></DIV></BLOCKQUOTE></BODY></HTML>
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