Cotton flirted with levels not seen since Black Swan Tuesday almost two years ago. March 2008 forever changed the cotton
industry and we can't help but study the comparisons even though many things are different. We were in the middle of a
commodity bubble in 2008 with oil well over triple digits. Cotton open interest was near 300k but today we are just at 170k
and near the lows of the recent months. Even though the technicals look very friendly, fundamentals are very bearish which
was similar to 2008.

Specs are back to 13.9% long as seen on page 2 which is near the highs of the range for the last several months. Long story
short, we just don't have the same perfect storm brewing to project cotton into the synthetic triple digit stratosphere that
every farmer dreams of. Stocks are tight but pre crop moisture in Texas is similar to the bumper crops of 2005 and 2007.
The USD is firm and outside commodities are struggling. The global economy in general seems to be gasping for air as the
U.S. awaits another negative employment report on Friday. Cotton could make some more runs at the highs but it is looking
over done and ready for a correction very shortly.