I do think that this oversold bounce doesn't have much to it; we're reaching overbought levels fairly quickly in a lot of the major indices,

The market is simply digesting those gains,

We've had a nice run off of late-April's lows and the market is digesting these gains. We'll probably start moving to the downside next week.

We may have another couple of days, or a week left of this counter trend move, but it's within the framework of an intermediate trend downward.

Last week's action was promising, but it is still too early to call for a bullish turnaround in the broader market,

We're a lot of positive short- and long-term momentum that began on Monday when oil broke through a key technical level, ... The EIA report helped draw attention to this.