More on Cocoa

I took a little off today on the upmove, but not too much. I think this one has real potential, so I'm staying mostly in.
There are a few things I like here...
- As I wrote in the last post, the price is low relative to the stocks to consumption ratio. This is longer term stuff. It will not turn the market around by itself, but if the market does turn, it will become an issue.
 - The west African main crop is forecast to be pretty good this year; that's in the market. But the early part of the crop may be light. I know this is only a timing issue, but people still get nervous when they see poor arrivals data.
- Commitments of traders is heavily short. This is another thing that can add fuel to the fire if the market does turn.
As always, time wil tell......