Crude Oil prices declined today and the US equity markets rallied hard in the final hours as the shorts were covering and the bulls took the opportunity to buy on a spark of optimism in these deeply short term oversold markets.
Alcoa reports after the bell that it beat Earning Per Share by a penny and also exceeded revenues on estimates that have been greatly lowered. Mohawk Industries warned and was spanked after hours. VMWare is weighing on the tech sector.
We'll have to see if this is just another short covering bounce or something more profound. Follow through to the upside tomorrow to take the SP back into the 1290's is required for a firmer indication of any trend change. 
Follow through in the decline of oil prices is necessary. So far its just a correction in an obvious bull market.
