      When traders are bullish on the market, they will do the opposite andbuy the futures contract to position themselves to realize enhanced returnsfrom both the cash and the futures market. This will drive the futurespremium up. Again, if the futures premium gets too far out of sync with thecash market (typically 75 basis points), arbitrageurs will step in and dotheir job. The transaction cost associated with program trading explainswhy most arbitrageurs will not initiate program trading until the premiumgets out of sync by roughly 75 basis points.