Mike PM Sent.
Mark, when everything is screwed tight, the cup compresses the electrode against the tip and there is no movement in the tip. When not in use the electrode makes constant contact with the cutting tip. It looks like tip can be pushed back about 1/16" before the swirl ring makes contact with the torch body where the electrode screws in.
Just pushing in the electrode by itself it has about 1/4" travel. looking at the small holes for air flow near the electrode, when the swirl ring and tip is compressed against the electrode it seems like the holes are almost covered up by the torch body. when the electrode is fully compressed in agianst the torch body the holes are completely covered up.
The spring return on the electrode is decent, seems a little rough/rubbing when pushing it in though.