Cotton is under pressure more because of cotton rolling to Z'10 in stead of fundamental or technical reasons. Due to the 1 million bales of cert stock, we are seeing more urgency than normal to roll forward. It looks like index and spec longs started to roll out this week as the invert went from -450 to only -140 today. Volume has been picking up this week as Z'10 is becoming more active.

Outside markets have been mixed all week but the DJI just cannot string together a couple of good days. The USD is determined to hold and move higher and the rest of the commodity complex keeps struggling. With the long weekend ahead of us expect to see good demand near these levels and especially if we break below 80 cents. We are still in the trading range we have been for the last 3 months and expect to see good support at these levels.