%EOF, %FOUND and the infamous Dow loop

I did some researching back a ways, and I found that there have been a few
discussions regarding the use of the file I/O BIFs.  It seemed to always
revolve around which of the basic CHAIN/SETLL/READE loops you used.  Now,
ever since I was able to, I've used the following standard code:

      CHAIN
*IN90 DOWEQ *OFF
    (process)
      READE
      ENDDO

This, I know, is only one of many possible variations, but it's the one that
has always appealed to my sense of decorum.  This is definitely not a good
argument for its use, but it has always worked quite nicely for me.  The
only other mode I found nearly as appealing was the following:

      SETLL
*OFF  DOWEQ *ON
      READE
*IN90 IFEQ *ON
      LEAVE
      ENDIF
    (process)
      ENDDO

This is basically the equivalent of the RCVF/GOTO loop I use in CL, with an
unconditional loop and a LEAVE being the "structured" equivalent.  I'm not
happy with the four extra lines of code, but hey, it's relatively efficient
and has a couple of benefits, such as allowing the use of ITER.

The second form can fairly readily be converted to use the file I/O BIF
%eof, thereby removing indicator use.  The first, however, because the CHAIN
and READE command set different BIFs, is a little harder.  Has anyone
figured out a way to do it?  I tried to use (%found or not %eof) along with
the operation extenders, and it seems to always return true (putting me in
an infinite loop reprocessing the last record over and over).  Am I missing
something here (more than usual)?

Joe