Its designed that way. You should be able to feel a detent before you push the lever that far. Original reason was for old three point mounted backhoes. If the top link broke the operators tendency would be to push the lever forward which would result in a nasty mess. Althought the reason may be obsolete, tha current standard, SAE J1518 MAY2003, still requires a float positon in the boom control:
4.2.1 CONTROL FUNCTIONAL REQUIREMENTS-On machines designed after the publication of this document, the boom control shall have four positions as follows:
Position A Moving towards the operator from neutral shall raise the boom.
Position B Neutral shall hold the boom's vertical position blocking both ports of the boom cylinder valve.
Position C Moving the control away from the operator shall cause the boom to lower.
Position D Moving the control further away from the operator beyond Position "C" shall enter a "float" position, or some other means shall be provided so that pressure is relieved from the end of the boom cylinder which forces the boom down. The valve control shall return automatically from Position "D" to neutral when released.
Not all manufactures follow this anymore, but they assume the liability if they don't.