Oil has bounced back up over 60. There is no doubt that this is an incredibly volitile market. You have to remember that there is a considerable pshychological barrier at about 60/61. If we break the 61 bridge there will be almost no doubt that the market is overbought.
In my mind, this rally is short. Based mainly upon the holiday weekend. I would watch the market into the morning tomorrow, and maybe look at a short position Thursday or Friday.
Here’s an even better question, what is going on with Natural Gas.