Serious dislocations are showing up in markets as de-levering has taken root.

During the 1987 crash, there were some terrific arbitrage opportunities that often get forgotten.

For example, during a typical trading day, there are a group of dealers that keep the S&P 500 future and the cash index in line. The moment it is profitable to buy the spooz and sell the cash basket (the underlying 500 stocks that made up the index), prog…

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