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Cotton Commentary Week begins Today
25 Jun '07
3 min read
Somewhat offsetting the grains were, unfortuately energy prices as crude edged to the highest level in months. Fortuately, gasoline did not. Precious metals were mostly steady.
It was a rough week for investors as the Dow Industrials lost 2.1 percent, the S&P 500 2 percent and the Nasdaq 1.4 percent. Stocks had closed higher 13 consecutive Friday's ended the week with a very sharp drop that amounted to over half the entire weeks losses.
However, even with last weeks losses, both the Dow and Nasdaq are up more than seven percent for the year and the S&P 500 by almost six percent.
The spec/hedge report last week showed that the previous weeks gains were mostly short covering. An argument can be made that the spec community is just now beginning to really build a long position and this during a period that Chinese mills are scrambling for supplies to last until new crop becomes available.
This should translate into a plethora of speculative and fund buyers competing with commercials on setbacks.
Click here to read more:
It was a rough week for investors as the Dow Industrials lost 2.1 percent, the S&P 500 2 percent and the Nasdaq 1.4 percent. Stocks had closed higher 13 consecutive Friday's ended the week with a very sharp drop that amounted to over half the entire weeks losses.
However, even with last weeks losses, both the Dow and Nasdaq are up more than seven percent for the year and the S&P 500 by almost six percent.
The spec/hedge report last week showed that the previous weeks gains were mostly short covering. An argument can be made that the spec community is just now beginning to really build a long position and this during a period that Chinese mills are scrambling for supplies to last until new crop becomes available.
This should translate into a plethora of speculative and fund buyers competing with commercials on setbacks.
Click here to read more:
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