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Market still looks bearish
Feb '09
Dow futures were called higher as much as 100 pts overnight but opened only slightly higher and then fell much harder as the USD rebounded. Cotton is stuck following outside markets as the fundamental picture is still looking bearish, but certainly becoming oversold.

Technically, the market still looks like it could go lower and until we get a strong rebound in the equity markets, we may have lower to go. H'09 expired with very few fireworks and volume became very light once again. Specs are obviously sellers as the spec hedge position went from 6.8% short to 12.2% short.

The exports may be strong again this week and we do have the potential tightness in new crop acreage, but at the moment we are tied to the stock markets which broke the 6 year low today and reached multi year lows going back to 1997. So for the moment, I would expect us to keep testing lows until the stock market can punch out a bottom and we will probably see a 3 on the K'09 before that happens.

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