Technically, RSI is near 40 which does not equate to oversold strength and we still have the sell signal from the crossing moving averages. Cotton broke the long term trend line and K'08 reached levels not seen since Dec 19th on Tuesday. We could create a sideways trading channel short term as we get closer to K'08 expiration.
Stocks took a bit of a fall today as the dollar fell and commodities rose and we are expecting a weak employment report on Friday so hard to see the stock market build on early gains from this week and may see a short term bounce in commodities.
marketing@alchempro.com
