Are there some funky things to be aware regarding expiration dates, etc. on these types of contracts? I'm used to the e-mini S&P's, etc. but at least wanted to take a look at these. Any insights are appreciated.
They roll over monthly, nothing out of the ordinary, just watch the calendar. These are the rollover dates for the rest of '07! http://www.nymex.com/QM_term.aspx Delivery Month/Termination of Trading April Mar 19 May Apr 19 June May 21 July Jun 19 August Jul 19 September Aug 20 October Sep 19 November Oct 19 December Nov 15
Good contract; it's cash settled so you don't *have* to roll, and it has a pretty liquid arb with CL 24-hrs, so you can generally leave stops on overnight positions.
So you're currently trading the May contract which expires on April 19. Do you just need to make sure you're not in the contract on April 19 or on which date will you start trading the June contract? Sorry for these basic questions -- I'm new to the futures markets.
QM, the mini is "Cash" settled, so if you had a position the day it expires, you would not have to worry about taking delivery of 500bbls of crude! June becomes the front month on April 20th, and most active. I strongly suggest you trade a tamer futures contract such as YM to get your feet wet, QM can be volatile!