PERHAPS, CT is showing some life. Obviously I am looking for a fairly strong close to apply a little fear to the short.
Bear will defend 80, but my target is set on 8250.
Outside markets, index, currencies, grains should all improve and take pressure off, renewing demand.
Larry HAS the compelling story on supply
Cotton soaring over 2c today!
Great call tjc!
Thanks for starting a needed new cotton "thread:
Previous cotton discussion:
Great rally for bulls in CT and KC, coming on double normal volume.
I anticipate the 80 level to be exceeded tomorrow.
Bears and Democrats will cry FOUL and argue Pres. Trump's tweet as electioneering to which I say the technicals were already in place establishing the daily and weekly low. The technical indicators preceded the news, thus the resulting rally is inevitable.
I would further argue the Hurricane damage, mostly ignored going into the LOW, will now most likely result in a price over run.
Dec CT had initially risen above 77 just before the ES report. ES was very bad (net negative for 2018-9) and CT fell back 50 pts to session lows very quickly . Then it did little til 9 AM EDT, when it rose quickly back above 77. Just before the Trump China tweet of 10:09 AM EDT, it was already up 50 pts for the day. After the tweet, it rose steadily for nearly 2 hours to 79.50, where it stalled for 2 hours. It then hit the session high of 79.60 followed by a sharp fall til just before the close (I'm guessing mainly due to heavy profit-taking of shorter term longs due to a big up day), but it still ended up 217 pts to make it the largest rise for any day since way back on July 12.
My educated guess is that it was up 50 early on a combo of buying the bad export news after it held for 1/2 hour, the dollar being down strongly, the Dow being up strongly yet again, and perhaps starting to look ahead to the USDA a week from today. Then Trump's tweet added a lot more to the gains.
The volume today was by far the strongest for Dec 18 on a strong up day on record.