It still seems like there's a huge upside potential of coffee hitting $1.80 or $2.00 as last year's surplus gets sold and not replaced. It's waiting on three main things: the Real, the recovery of demand, and factual reports on the size of the Brazilian crop due in February and subsequent months.

For the time being, it might be a good idea to take profits on the rallies, and buy in again on the dips. I'm not seeing coffee drop precipitously any time soon. Could be wrong.