West Texas did receive some much needed rain today, but the market will continue to follow outside markets which are struggling to go higher. Export sales will come out tomorrow and they should be above last weeks levels of 150,000, but shipments will probably be the same near 300k. Open interest continues to fall near 250k which is not showing any strong spec or non commercial interest nearby .Cotton followed the grains lower today after yesterdays bounce which confirms we could move sideways nearby. RSI at 44 does not give us any clear signal about which way the market will go, but specs are not showing up at the moment with open interest falling. The cotton market feels like we could move sideways short term with more down side testing in the futureThe stock market is still trading on the defensive and not ready to break out of the long term down trend established since December.Source: ECOM USA Inc
Date:4/24/2008
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