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

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.

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.

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,