A REBOUND in the Dow turned the futures market from a discount on Tuesday to close at a slight premium of 19 points over the cash yesterday. However, the technical rebound failed to boost trade significantly and October futures kept to a narrow range throughout the day. October futures marked 65 points higher at 9,840 in the opening and traded at a premium for most of the day. The future closed at 9,860 points, up 85 points. The index closed the morning session at 9,855, a 21 point premium over the cash. There was more pressure in the afternoon as the index dropped to a low of 9,820 before picking up to an intra-day high at 9,870. Some profit-taking eroded the gains and the index closed at 9,860 points. Trading was dull and the index was confined to a range of 50 points. A total of 14,865 October contracts were traded and the open interests were 29,307. November contracts closed at 9,870, up 80 points, with 8,007 contracts changing hands. The total number of futures traded was 22,872. Brokers said trading was featureless with roll-over contributing the bulk of the activity. Spreads for the roll-over of October and November contracts fluctuated between 12 and 16 points. Trading was active at 13 points. October contracts will expire on October 30. Option trading was mixed throughout the day, indicative of the market's lack of direction. Jardine Fleming said: 'Bears bought the November 9,600 puts, but bullish investors were long out-of-the-money call spreads in the back months.' 'Locals sold November 9,800 straddles while overseas traders bought November 9,400 and 10,200 strangles.' The total volume of options was 2,658 lots with open interests of 40,155. The volatilities for OTC options were 25 per cent for September 9,600 and 25.5 per cent for December 9,600 options. For stock options, 1,833 HSBC options, 961 Cheung Kong options, 475 Hongkong Telecom options, 616 Swire A options and 274 CITIC Pacific options were traded yesterday.