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Re: Cotton is done?
In Response To: Re: Cotton is done? ()

Hi guys.
Not sure why the view is that cotton is done. While it has had an impressive move and I would not be surprised by a correction, I think we need to keep in mind the current state of the "on-call " . The downside will be padded by trade buying as they alleviate the unfixed call sales before H8 comes off the board. Still quite a bit of buying needs to be done on their part. I expect some of the large fund/spec position to be ready to liquidate if certain levels are breached, but the core position should remain for the time being.
USDA is Friday. I have no real input to add on this upcoming report. Simple observations in this market seems to show some trade buying here , which may indicate another leg higher.
I think a move below 7750-7720 will likely trigger some selling and from there the key becomes where does TRADE step up to buy back what they need.
Just my 2 cents.

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Cotton is done?
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