Does a ton of cotton weigh more than a ton of bricks?

Market Pulse: August 6

Last week December 2012 Cotton opened at $71.50 and closed at $73.94. On Friday, August 3 cotton closed up $2.97.

On the daily chart below you can see that since the beginning of July cotton has been in a range between $70 and $73.40 with a secondary top at $74.00. The modified ADX shows this market to be in a very weak trend as numbers are at 16.8 and for the past week has been in a tighter range of 70-72. MACD has crossed up over the signal line and the zero on the histogram line caused by Friday’s price action along with Stochastics entering overbought territory. Technically, we need to watch for a correction down from $74.00, like we saw back in mid-June.

Proceed to Page 2 for the latest COT Data...

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