On 27th September 2010, around 08:00 GMT, the price of Dow Jones Industrial Average Futures (DEC 2010 Expiry) was 10800 (bid) - 10808 (offer) .

You believe the Dow Jones will fall so you take a sell position of $10 per index point movement, at the bid price of 10800.

As you predicted the Dow Jones falls during the day, and at around 16:00 GMT, the Dow Jones was at
10758 (bid) -10766 (offer).

At this point you decide to close the position and realize your profit. You take the opposite position and buyDow Jones at $10 per point at the offer price of 10766. The level you closed at 10766, is 34 index points lower than your open level of 10800,and so you realize $340 profit (34 points X $10 per point).

SUMMARY Open Level 10800 Close Level 10766 Difference 34 index points Profit $340

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