Volume was at an all time record with 52,000 futures and 130,000 options as we should see a big cut in open interest tomorrow with several of the commercial shorts being forced out.
Technicals are in new territory synthetically as 400 point limits still apply, but some of the momentum did come out of the market on the close. Soybeans and corn closed near limit down as well as the major part of the commodity complex. Synthetic cotton future settlements were about 120-150 pts above the market at 90.10 for K'08, 91.43 for N'08 and 96.00 for Z'08.
The stock market continues to struggle and the dollar feels weak, but commodities are all in overbought territory as the cotton relative strength index is reaching 85.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
