CNBC's Fair Value - calculation

[syswizard]

This is the closest thing I could find regarding the calculation.
However, I still don't quite "get it".
http://www.markrosa.com/UNO Finance 2302/fair_value.htm

This morning the Dow futures are up 59, but the fair value shown is -12.
Can someone show me how to compute the -12 ?

 

[newwurldmn]

Fv is where the futures should be to equal their cash value +\- the forward basis (over interest rates and divs).

In practicality -12 means that if the futures were down 12 you would expect a flat open. +59 means you expect the market to open up 72

 

[syswizard]

So this would be:
expected spot differential = futures delta minus fair value
71 = 59 - (-12)