David Fuller's view Cotton (weekly & daily) appears to be in a top formation development stage, in which case ranging will remain the norm. If so, it is best sold lightly on rallies and covered or protected with in-the-money stops on dips. I chose the latter route this afternoon as cotton had reversed an intraday rally, and my stop was triggered a few hours later. Consequently, my short in the May contract was covered at 195.00¢, against my sale at 197.365¢ on 28th March. I might be tempted to reopen the short at somewhat higher levels, if the opportunity arises. These prices include all spread-bet dealing costs.