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Indian monsoons to be beneficial for state of Maharashtra

Jun '07
Another strong day in the cotton market with over 50,000 in futures and almost 30,000 in options. The market was trading higher electronically and proceeded to test new highs near 55.00 cents very early. There was a pull back after the highs were hit, but the market managed to work it's way all the way back up on the close.

Looks like they were aiming for the 55 strike which cleared out a lot of option open interest below the market. It is also looking like there may be several takers for the cert stock by trade and that is why the N/Z spread narrowed in almost 100 pts over the last week to close out today near 480 pts.

Specs and funds have been the best buyers and certainly added to their position this week. Weather in Texas has been favorable and even some acres that were lost recently to hail have been replanted as we start to really focus on crop progress now that old crop is almost off the board.

The Indian monsoons have reached Bombay and are suppose to be strong and very beneficial for the state of Maharashtra. Loan stocks came down another 200k this week to now leave just over 2 mb's left to redeem. Cert stocks remain steady over 700K and the market will be left to absorb the fallout from N'07 options expiration next week.

Notice the second chart in attached PDF of the report as we try to anticipate if a temporary top has been set today or we try to go higher next week.

Technically we reached an RSI today of 70% which isin oversold territory for the first time since the uptrend started almost 4 weeks ago.

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