[RT] backwardization of SP futures?

["Gary Funck" <gary@xxxxxxxxxxxx>]

See attached spread chart of SP Dec. - SP Sept. futures. Note that the spread
is mostly below the zero line.  Is this a manifestation of the thin volume in
the Dec. futures, and a poor alignment of the data points, or is the Dec. SP
future in fact trading with less premium than the nearest (Sept.) future?  How
often do the index futures like this trade with backwardization? What does that
usually indicate? (near term bullish, longer term bearish?)

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Attachment: Description: "sp_backwardization.gif"