The logical but absurd explanation is that smart money (futures traders) think the dumb money is overpricing stocks. Been this way for three days.
I am really showing my ignorance (or inattention) here, but I don't EVER recall a negative premium except momentarily intraday. Interest rates aren't negative and there ain't no negative dividends. Some genius will explain it to a feeble-minded old man and feel superior.
crgarcia noticed backwardation in USA 30 year treasury bond futures prices: http://www.elitetrader.com/vb/showthread.php?threadid=170306 I notice backwardation in the FTSE 100 series futures contracts also. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2506263 \img>
Thanks, Peckerlow, I see from here: http://www.indexarb.com/index.html that the premium for NQ wasn't excessively negative in the -2 range. I'm just not used to thinking of dividends on the NASDAQ 100 as having any consequence relative to short-term interest rates. And for those of you who think I was pretending to be stupid so I could shill for that site, I am that stupid.
Hmm. Based on my first post in this thread, it would appear that I don't know what I'm talking about. And not for the first time.