Another busy day with good volume as we settled in the middle of a 200 point trading range. The majority of activity remains in K'10 rolling forward with 33k lots still open as of this morning. The spread is stable near 150/160 pts as we are seeing an orderly expiration with 5 more trading days until FND. Technically, the market remains range bound as we close the week above 80 cents.

Equities got spooked today after the government made an announcement that Goldman Sachs was guilty of subprime fraud. This triggered profit taking across the board and weighed on commodities as well. The USD bounced and for the most part cotton stayed firm. Expect to see good sales next week but the one bearish factor long term is cert stocks and right now they are on pace to break 1 million bales in the next 2 weeks.