The Cotton Row Journal, week of 28 Dec – 1 Jan.

William Johnstone Britton was called "the Poet of Front Street," and he was a merchant on that famous street for over half a century until his death in 1961.  We were too young to know him, but our father knew him well and introduced us to his poem (see below).  Front Street was a magic place when we were growing up, full of characters, farmers, traders, factors, porters, etc.  During fall and winter some merchants would come to their offices straight from duck blinds and deer stands, and one could find decoys, bird dogs, shotguns and such in the corners.  A man's word was worth more than gold, and the Street hummed and thrived on handshakes, being the largest cotton market in the world.  There was always a bottle of bourbon nearby, and happy hours were loud, bawdy and often.  We were fortunate to begin our careers on Front Street, some of the happiest times and memories in our lives.  Happy New Year, and drink a toast to the past.

                                           Technicals

The dollar made the tiniest of reversals, honoring the seasonal low due this day or perhaps Mon.  Cotton has been tied hook-line-and-sinker to this currency, as it made a major low on 3/24, and the Buck made a major high on 3/23.  More recently, cotton made an intermediate low on 11/02, matching the $s intermediate high the same day.  Both seasonals have worked in textbook fashion this year, and now it is imperative to be alert for a topping pattern in cotton, and bottom in the $.  A year ago the $ made a major low on 12/31, and cotton made a major high on 1/13.