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New York cotton futures fairly quiet
17
Mar '09
Monday trading in NYF cotton was fairly quiet and uneventful, but the technical chart is definitely looking more positive each day.

The MACD has crossed upwards and we are building a sideways trading range between 40 to 45 cents basis May 09. Open interest is steadily rising, but we are still lacking good volume to support the up movement in the market. It will need to take more positive news for us to break through the up limit.

The stock market had a disappointing close today after trading firmly and almost reached 7400. The rally based on the promising news of the bank statements came to an end today with Dow Jones closing with a loss of 7 points.

It indicates that the market is still very volatile, and the investors' mentality is easily influenced by the news coming out of the market. As what the market fears, the current rally might not be long lasting.

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