A little bit more On Voltaire's XJO/SPI premium/discount...

A little bit more On Voltaire's XJO/SPI premium/discount topic.
An eyeball over the chart back to 1983 suggests the current discount in a strong market is very unusual. It has been the case for 56 days so far. Now there is another familiar number.

There have only been two other noteworthy instances of a sustained SPI discount in a bull market and that was in the 49 day run up to the Feb 2007 top and the big run from 1986 to 1987 where it commenced at a discount but after about nine months switched to a premium. That of course is what Voltaire was saying earlier today although the Feb 2007 drop shows a fall can occur with SPI at a discount.