I don't see yesterday and overnight's "risk-on" rally as the end of the bear market in oil. That said, we need to give respect where it's due:
- Up 17% in 2 sessions
- Buyers finally stepped in, and in a big way, at the 9am NYMEX open yesterday
- No intraday reversal to the downside - this is only the 2nd non-occurence in the last eight trading sessions
- All of this has been confirmed with strong volume