From 'J'...
"Reasonably active overnight trading in a $10 range with most of the trade at the high end. Open interest as of Thursday (latest) was higher by 10,000 contracts at ~539,000, a decent addition considering the higher prices. Friday's COT numbers were essentially flat with large specs mainly reducing shorts and the commercials increasing by a more or less similar number. GSR was unchanged at 67.0 and still within the range in which the deflationistas are on the verge of becoming hysterical, again, but can't seem to pull the trigger; so pundit-wise, a reflective weekend. At current levels this morning we have surpassed a couple of recent closes going all the way back to the end of June. Further advance will require some heavy lifting into the lower $1230s and in an atmosphere where we are not yet overbought but we have to respect the RSI which is back over 60 and not at the emphatic oversold 30 levels that made the move from 1160 so obvious."
