After Robert had sold out his October cotton at 17.30 and his December cotton at 17.50 on June 10th, he decided to watch the market very closely for a few days because he thought it would go lower. His forecast indicated last buying level around June 25th. He figured that after this time the market would go higher until September 5th to 6th, when he figured it would be final high. On June 25th October cotton declined to 16.80 and he bought 500 October at 16.83 and 500 December at 17.15. He figured that it would run up for about thirty days so on July 25th he sold 500 October cotton at 19c and sold 500 December at 19.20 and went short of 500 December at 19.20. The decline followed as he expected. On July 30th he sold 500 more December cotton at 18.60 and on August 6th he bought 1000 December at 17.40 to cover his short contracts. He figured that the Government report on August 8th would be very bullish and that cotton would go up very fast and continue until around September 5th to 6th, or until the Government report in September. On August 6th he bought 1000 December at 17.35. On August 8th he bought 500 December at 17.30. The Government was very bullish as he expected and cotton advanced 200 points on August 8th. On August 9th he sold out his 1500 December at 20.30 and sold 1000 December short at 20.30. A big decline followed and on August 13th he bought 1000 December cotton at 19.10 and also bought 1000 December at 19.10 for long account. He started in to pyramid on the way up. On August 19th he bought 500 more December at 20.10; on August 22nd he bought 500 December at 21.10; on August 27th he bought 500 December at 22.30 and on August 29th bought 300 December at 23.30. On September 8th the Government report was very bullish as he had forecast and the market went up. This was the time when he expected the market to make final top for a big decline. On September 8th he sold 2800 bales of December at 24.40 and on the same day sold 2000 bales of December at 24.50 for short account. On September 9th he sold 500 more December at 23.30; on September 11th sold 300 December at 22.30. On September 13th he bought 2800 December at 21.60 to cover his short contract. On September 14th he sold 1000 December at 22.60. On September 17th sold 500 December at 21.60 and on September 21st sold 300 December at 20.60. September 23rd he figured that the market was bottom for a rally and bought 1800 December at 20.60, and on the same day bought 1000 December at 20.60 for long account. On September 28th he sold 1000 December at 22c and also went short 1000 December at 22.10. On September 29th he bought 1000 December at 21.30 and on September 29th bought 1000 December at 21.30 for long account. On October 3rd he sold 1000 December at 21.50 and also went short of 1000 December at 21.50. On October 6th he bought 1000 December at 20.75 and went long, because he figured the market would be higher for the Government report on October 8th.