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Cotton market is still very volatile
18
Mar '09
Tuesday trading in NYF cotton continued to be 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.

Market is still very volatile, and the investors' mentality is easily influenced by the news coming out of the market. Yesterday's disappointing close ended the rally based on the promising news of the bank statements.

Even though the market fears that the current rally might not be long lasting, Dow Jones had a rebound today, which settled the session with a decent gain of 178 points.

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