Oil and Commodities Strike Back!

As expected, oil did not turn down into a bear trend or even a significant correction but rather rebound like it did so many times over the past few months. Commodities joined the fray today as the basic materials and energy sector led the rally today. So, oil and commodities were up but the Dow was up as well, what's so bad about it? Well, the thing is, even though the Dow was up today, it merely formed a bearish continuation pattern which tells me that it is going lower over the next couple of days unless we see a strong follow up tomorrow. However, with the way oil is rebounding, I see a strong follow up as a remote possibility.