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[ronkw]

I think we "all" can see tremendous bullish potential in the charts of the major averages.
I see kind of an inverted H&S, working on the right shoulder now is a possible bull flag.
That could lead to an upward breach of the neckline. (can't imagine the catalyst)
Not a forecast, but something to watch for. Given the bearish undertones / news cycle...major short covering.
Myself included...tight stops and will reverse positions with just a little evidence.

Having said that, I'm not impressed with the $BP charts. They did not get the bounce last week that price did.
A couple of other post mentioned compression, tighting MA's....notice the position of the ocillators on this chart.
http://stockcharts.com/c-sc/sc?s=$BPSPX&p=D&yr=1&mn=2&dy=0&i=p33604035148&a=98449847&r=2736.png