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Good volume in cotton market
04
Apr '09
Another strong day for cotton as we closed over 400 points higher from last Friday. Technicals are still positive and the equity markets are holding up well and managed to close above 8,000.

We are reaching 7 week highs in cotton and the COT report on page 2 (attached PDF) shows that specs and index funds are reducing shorts and adding to long positions. Volume was respectable again today with 15,000 futures and 7,000 options as open interest continues to rise.

We are still in a very bullish seasonal pattern and this should continue to push commodity and equity prices higher. The stock market is in a friendly seasonal pattern and for now buying pull backs remains the best way to play this market. We have a short week next week with a USDA report and options expiration on Thursday.

There is no doubt that fundamentally the picture will start to get more bearish with the front month trading near 50 cents, but for now the specs are still supporting dips into good scale up commercial selling.

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