Volt,
I have another look at your pretty SPI vs XJO discount/premium chart. I found a pattern in general (Not always)
Jan-March Discount;
April-June Premium;
July to Sept Discount;
Oct to Dec Premium.
But Jan to March discount occurred each year.
What do you think? If the pattern is valid, what is the reason behind it? Dividend? Manipulation? Stupidity? or bookkeeping?
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