Nice graphic, Wayne.

I've rung the curtain down on my cotton option and future trade, only somewhat successfully. By not trading my plan effectively, I cost meself a large measure of profit. I cannot complain too much--the bottom line on the five 85 puts plus the occasional futures contracts and the sale of the 80 puts netted just under a twenty g profit. I legged out of the 85 puts at varied prices, between 6.70 and 9.20 and took the 80's to the last day. Out at 2.50. Also had some long futures going into the final day, too, as a Texas hedge. I couldn't help myself, I left on a couple of short futures in Dec and will look to roll them over to Mar if the weakness continues.

Though I haven't learned yet to post charts, I think I mentioned in the first postings about where I saw support areas and what and why my downside targets were. We are mostly there, but as more info has become known, we may just see a long and slow slide down under 70. The longer term charts seem to me to be acting like a magnet and the fundamental stuff (which is always subject to changes) would support that bias, at least for now. After the dust settles, I will be placing some calls on to act as insurance against the typical, normal upside sweeps sure to occur. That'll allow me to 1)sleep at night; 2)reduce the margins significantly; and 3)put on larger positions so the smaller move will have a larger bottom line impact. Any good spike down will suck premium outta the Mar calls, just like I prefer when buying.

Stomper