Stock futures and options

Generally we listen the futures premium in bullish market condition In case of heavily shorted market conditions whether futures is in discount or of premium

Generally Futures price are SPOT + Cost of Carry, hence be it bearish or bullish it is traded at premium.
However you might find some situation where future is trading lower than spot price. Mostly it happen when the stock is ex dividend. you must check for upcoming event for the stock.

If not, This is called reverse arbitrage opportunity.