Piezoe , u are absolutely right , futures are binding contracts. How wrong would i be, if i were to gamble and say that markets may never reach new highs...? Why would one work their butt off amassing a decent portfolio , when he could buy or sell leveraged futures at a fraction of comms. and margins , provided he knows what he is doing. I could show you an interesting long term chart of the Dow , if i knew how to load one here.
I guess the answer lies in both time frame and skills. It is hard to make money in futures, but for the short time frame trader there is definite appeal. It is hard to make money in stocks, but the longer time frame traders have an advantage there in my opinion. I'd like to see the long term Dow chart. What does it show in constant dollars after dividends are subtracted? It's a scary thought, but perhaps we would all be better off in real estate.