I'm trying to figure out how these "market casinos" hedge themselves when they sell 1 to 14-day contracts. I set up a virtual money acct at xodds.com, but I doubt I would ever use real money there because of their high commissions/spreads. Anyway, I'm looking right now, and you can buy a 10-day bull contract on the dow (which is 11154) and make 21% on your money if the dow is above 10800 at the close on June 4, 2001. Of course they don't mention that if you are wrong you lose 100% of your capital. Also, they sell 5 to 8-day contracts but not right now because that would fall on Memorial day (or the weekend). I am trying to figure out, especially in the case of the 5-day contracts, how to do the same thing with options (or futures/options). I would like to do it for myself without paying them their exorbitant spread. I have heard of "one day rollover" futures contracts, but don't know about them or where to trade them. Is that how they do it? You can do the same thing with some individual stocks.. Maybe using single stock futures on liffe? Any other ideas?