| JUL 1991
Letters To S&C
LETTERS TO S&C REAL-TIME FAIR VALUE? Editor, In the July 1991 issue of STOCKS & COMMODITIES you published two letters concerning Jean-Olivier Fraisse's December 1990 article, ""Clues to market direction with the S&P 500 premium."" Mr. Fraisse noted in the July issue that the easiest way to get the fair value and program levels was through Financial News Network. There are two potential problems with Mr. Fraisse's comment: 1) What if the reader does not have access to FNN? and 2) The fair value is not constant during the day; it varies in relation to the price of the cash S&P 500 index. How then can the investor get a ""real-time"" fair value? If the investor is using real-time tracking software that allows for writing customized indices (such as DollarLink), the answer is simple: Write a custom index that calculates the fair value every time the cash price changes. The formula is straightforward:
by Technical Analysis, Inc.
Technical Analysis of STOCKS & COMMODITIES
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