I don't know how much influence Katrina has had on the recent runup in Cocoa, but the runup was strong enought to turn the COT bullish.

I would not chase this one. I'd wait for the red line averages in the daily chart to turn down, and then enter a counter-trend bear call spread. When the daily averages turn up again, I'd lift the short call and sit with the long call.

Please note : While the COT chart reflects the latest data, the daily chart is only thru Thursday.