(Originally Posted Wednesday March 31, 2004) Nothing quite like a limit move when it’s in your favor! Cotton fell right throrugh my long term support line drawn in on my dailies at 63.40. I should have reversed the cocoa but I’ve never been good at that.
Covered the May cocoa at 1535 and out. Just in a nick of time as it turns out. The cotton short from 64.50 is performing well.
Selling the May CC again at 1515.
That’s why I didn’t trust cocoa as it gapped open at 1506. Now I’ll wait until it bumps into resistance and short it again. Then again it could start to look like sugar but I see a lot of resistance overhead.