My understanding is that program trading is buy/selling the index futures and selling/buying the underlying stocks. It would seem to me that it would cause the stocks and futures to move in opposite directions, but my observation is that when the stocks are going up, for whatever reason, the futures are going up. There can be some really fast moves in the e-minis and I am wondering if this sometimes can be because of program trades. I have only recently began monitoring the prem, mostly by just watching cash and futures nas 100 and sp 500 and subtracting. Any thoughts on the subject would be appreciated.