Cotton futures are rallying hard on Wednesday, posting gains of 39-99 points across the board. Dec 25 contracts hit 62.43 (up 99pts), while Mar 26 and May 26 also climbing. Crude's riding the wave too—up 13 cents to $58.08/barrel. The dollar index dropped 0.064 to $99.525. Here's the catch: spec funds just added another 5,017 short contracts, pushing their net short position to a record 81,343 as of mid-October. That's a lot of bearish bets stacked up. Meanwhile, the Cotlook A Index jumped 25 points to 74.35 cents on Monday. ICE certified stocks holding steady at 20,344 bales. Markets closed Thursday for the holiday, so Wednesday's moves might be the last big action before the break.