Mini Dow Pivot Point Analysis
Weekly 2/15	Key Resistance	12630
	Key Support	11920
Monthly - February	Key Resistance	13132
	Key Support	11580

Trading the E-Mini Stock Indices.

Here are some Frequently Asked Questions - CBOT® Dow Futures Complex, that you may find interesting.

Q: Am I buying or selling all 30 stocks in the DJIASM when I trade CBOT mini Dow futures?

A. No, you're buying (or selling) a price-weighted index representing 30 of the most liquid US blue-chip stocks. You do not end up owning stocks. Rather, trading an index futures contract means you can benefit from the profit potential in multiple stocks and sectors with just one trade (and one commission).

Q: Can I sell CBOT Mini-Dow Futures short?

A. Yes. One of the advantages of trading futures is its inherent flexibility. You can just as easily sell as buy - without restrictions or added costs.

Q: What is a multiplier?

A. The CBOT mini Dow launched in April 2002, is traded 100% electronically and has a contract value of $5 x the DJIA futures level. The multiplier, $5, is the dollar amount that is used to define a trading unit of one Dow futures contract. As the level of the DJIA changes during the day, the multiplier remains constant, so it is easy to calculate your market exposure. For instance, if the DJIA is trading at 8000, then the contract value is $40,000, or 8000 x $5. The larger CBOT dow futures contract has a multiplier of $10 x the DJIA futures level, therefore, with the DJIA trading at 8,000, the contract value is $80,000.

Q: How do the CBOT mini-Dow futures prices relate to the DJIA that I see quoted daily?

A. The CBOT mini Dow futures prices are an indicator of where the "cash" market is going. You can trade CBOT mini Dow futures before and after the NYSE and Nasdaq markets open and close, virtually 24 hours a day. Intra-day, the futures price is very closely related to the current DJIA index level but may lead or lag price discovery for the cash index.

Q: What are the trading hours for CBOT Mini- Dow Futures?

A: CBOT mini- Dow, exchange symbol YM, traded electronically, Sun - Fri, 8:15pm - 4pm CST.

DJIA futures, exchange symbol DJ, traded open outcry, Mon-Fri, 7:20am - 3:15pm CST. DJIA Options symbol DJC/DJP, same trading hours.

CBOT Mini Dow futures, exchange symbol YM (EYM with Futuresource) , traded electronically, Sun-Fri, 8:15pm - 7am CST.

Q: What are electronic market makers (EMMs) and what is their role in the CBOT mini-sized Dow?

A. EMMs help to provide liquidity for new contracts. They have the same goal as all CBOT mini-Dow traders - to see that volume grows by providing a competitive, liquid market - and are committed to an active trading role to make this happen. EMMs provide a more stable trading environment and guarantee ease of entry and exit into the market. EMMs do not receive preference execution - all market participants are treated anonymously and fairly in the electronic matching engine.

Q: What order types are supported for the electronically traded CBOT mini Dow?

A: The CBOT's electronic matching engine supports Market, Stop, and Limit orders. Restricted Limit orders supported are Immediate or Cancel (IOC) and Fill or Kill (FOK). Unrestricted Limit orders supported are Good for Day (GFD), Good till Cancelled (GTC) and Good till Date (GTD).

With the extreme volatility in the stock market, its no wonder day trading is becoming increasingly popular with investors! Every day is a whole new world of opportunity without the worries, surprises and risks associated with holding a position overnight and having the market move sharply against you. And with volatility at phenomenal proportions, the environment is ideal for day traders, who relish in sharp up and down movements of a market. All you have to do is watch the mini Dow trade and you'll see what we mean! Many if not most investors have opinions when it comes to forecasting market direction. Day trading affords them the ability to capitalize on those opinions, whether by the minute, half hour, hour or day. But now, with fewer and fewer stocks participating in the bull market, it's getting more difficult to find the "hot" stocks. The slimmer pickings are exacerbated by an increasing tendency among the high fliers to grow, only to crash and burn just as quickly. Narrow leadership and sector rotation can make selecting winning stocks about as sure a bet as finding that proverbial needle in the haystack. However, wouldn't it be a lot simpler and easier if, instead of trying to mimic "Houdini" by conjuring up that one "hot" stock, one could increase one's odds of success by simply trading the Index itself on the Dow Jones Industrial Average (DJIA) And have the ability to enter and exit those markets in approximately two seconds.

Instead of paying thousands of dollars in commissions and having to put up a fortune to buy all of the stocks in the NASDAQ, S&P 500, wouldn't it make perfect sense to participate in all the stocks comprising the CBOT Mini Dow! This is now possible because of the CBOT mini Dow, NASDAQ, E-Mini and E-Mini S&P 500 futures contracts introduced by the Chicago Board of Trade and the Chicago Mercantile Exchange. For example, in the E-Mini S&P 500 traders can participate in all the stocks of the S&P 500 with a margin deposit of approximately $4,700.

Day trading margins are usually only one-half the amount required for a position held overnight. If you were day trading, you would be participating in all the 500 stocks in the E-Mini S&P Index for a margin deposit of only $2,000, and you could routinely expect to receive your fill prices in less than 2 seconds!

CONTRACT SIZES

Specs	Mini Dow Futures Contract	E-Mini S&P 500 Futures
Size	5 times the DJIA. If, for example, the DJIA is trading at 10,000, the value of the futures contract is $50,000	50 times the S&P 500 Index. If, for example, the S&P 500 Index futures contract is trading at 1,400.00, the value of one contract is $70,000.
Movement Value	Each point in the futures contract is equal to $5. For example, a move in the CBOT Mini Dow futures contract from 11,000 to 11,100 equals 100 points x $5, or $500. (Each one point move in the mini Dow stocks is approximately equal to a one point move in the DJIA futures contract.)	Each 100-point move ("handle") in the E-Mini S&P 500 futures contract equals $50. A two "handle" move from 1100.00 to 1102.00 equals $100. A one-half "handle" move from 1100.00 to 1100.50 equals $25.
Margin ( Subject to change without notice)	$2900	$3,938

The relatively small size of these stock indices futures contracts permits investors with modest amounts of risk capital to participate in the Dow and S&P 500-and at a fraction of the cost of purchasing the actual stocks outright!

BIG ADVANTAGE
Most day traders of stocks play the market only from the up (long) side. But, with the E-Mini, NASDAQ, S&P 500 E-Mini and the CBOT mini Dow futures contracts, traders can just as easily play the market from the down (short) side, too. This adds an entire new dimension of opportunity for day traders.

ACTIVE DAY TRADING
With the sharp up and down moves in the NASDAQ, Cbot Mini- DOW and S&P 500, there are often ample trading opportunities to play both the long and short side of the market several times a day.

ELECTRONIC DAY TRADING
Through the Internet you can trade electronically on your own, using E-Mini NASDAQ and E-Mini S&P and CBOT mini Dow Futures contracts. From the time you place your order, you can typically receive your fill price back in under one second! This is almost instant execution and reporting of your fill price-vital for day traders! Adding to the versatility in day trading the E-Mini NASDAQ, S&P 500 and the CBOT mini-Dow futures contracts is the option of trading wireless from a laptop computer! You can almost instantly connect with a state-of-the-art Internet Order Entry System. You then can receive live quotes, keep track of your account, transmit your order and receive your fill confirmations in seconds! Now, whether you are at a party, golfing, in your car, at a sporting event, or virtually anywhere, you can day trade as conveniently as though you were sitting in your office or home! Keep in mind, transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contracts so that transactions are leveraged. A relatively small market movement will have a proportionately large impact on your account. This could work for or against you. You could lose more than your initial investment.

SUMMARY
The E-Mini NASDAQ, E-Mini S&P 500 and the CBOT mini Dow futures contracts provide an exciting, highly versatile, efficient, and economical means of capitalizing on the daily swings in stocks. In day trading the E-Mini NASDAQ, E-Mini S&P 500 and in CBOT futures contracts, traders can focus on an entire basket of stocks at a fraction of the cost of commissions and avoid the expense of trading many individual stocks. At the same time, traders can capitalize on both rising and falling markets. There is no longer a need to tie up large sums of money purchasing stock. In day trading, you know exactly where you stand at the end of each day without the risk inherent in holding positions overnight. When day trading, each day represents a whole new world of opportunity! Once you learn more about the many advantages of day trading the E-Mini NASDAQ, E-Mini S&P 500 and the CBOT mini Dow futures contracts, you may