In the early months of index futures trading, futures tended to be below their theoretical value. Stock prices were rising in retrospect, " 82 ... was the beginning of the big 80s bull market" but nobody, futures traders included, believed it. `As a result, the index futures, which weren't yet pegged to their correct value by lots of people doing arbitrage ... were cheap."

Donald MacKenzie, An Engine, Not a Camera, loc. 782