I am trying to get used to watching the S&P futures and its premium/discount to fair value. I think I understand the importance of this with respect to program trading and day trading. However, in watching the premium/discount to fair value I am seeing that it is negative most of the day and only rarely goes positive. When it does goes positive its only slightly and breifly. I am wondering if I am using the wrong calculations in Reuters to get the premium/discount number or if this just represents the negativity in the market currently. I am getting the fair value number daily from www.programtrading.com and the formula I use is: SPU.GY - (SPX + fair value)=premium/discount Does this look correct or is something wrong?