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Market volume is still on the light side
Mar '09
fWe managed to hold the unchanged level in the stock markets as well as in cotton. The S&D report was very uneventful, but if anything was slightly bearish as well in the grains. The volume is still on the light side, but open interest is rising slowly and is now over 120k. The MACD is also looking more friendly and the USD is really having trouble at the moment.

There certainly could be a case for a short term correction, but based on the economy there just does not feel like a lot of upside. The S&D breakdown is on page 2 in attached PDF, but there were very few surprises. We still have a very weak AWP close to 32 cents next week which puts resistance at 44 cents scale up.

The stock market also may have some trouble getting through 7,000 and will certainly run into resistance at the old support level around 7400 in the DJI or 750 S&P. Take a look at the chart on page 3 in attached PDF of the K'09 which is a good example of how cotton could be carving out a sideways trading range between 40/52 cents. The low is holding up pretty well, but it may be hard to retest the high of the range with such a weak AWP and global economy.

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