FUTR - Dow Jones Futures Warning

[TRaffertu@xxxxxxx]

       Hi RT's,

        I don't know if any of you are trading the Dow-Jones futures, but if
you are a word of caution.  As you know there is no overnight session in the
DJ futures, and more importantly, there is no overnignt trading limits for
the DJ.  So while the the S&P 500 futures and the E-mini trade at night and
have a 15 point overnight limit, the DJ has NONE and could move down 700
points ($7,000/contract) the same as the dailey limit, on the open if it
gapped limit down!  While I'm not predicting this it still could happen.  The
same would apply to the options.

          Untill the CBOT rethinks this product I would be very reluctant to
position trade it.  With the S&P there seem to be buyers on limit down
openings, on last Friday's limit down open the S&P futures were at about
$3.00 down from the limit or minus $18 bid.  Bad, but not tragic.  The Dj
seems to gap down more than the S&P or the E-mini and last Friday DJ position
traders lost more than S&P/E-mini on both per contract and percentage basis.

                                             Good luck and good trading.
                                                      Ray Raffurty