Feb '09
We are sitting on a very critical support line that if broken could lead to further technical sell signals. Volume was average today with 11,000 futures and 2,000 options.
RSI is at 32 in cotton and the short term commodity picture does look oversold, but we need the stock market to lead the way. Demand has been good, but may not be enough if outside markets do not cooperate. H'09 FND is on Monday and with cert stocks rising, it looks like we will have a quiet transition to K'09 as we are almost back to full carry.
Fundamentally the economic situation remains negative and mill consumption will probably keep falling all year which will put a lid on NY even with lower acres for new crop.
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