Todays light volume short covering reversal could be trouble for the bears. A fall in oil inventories coupled with Warren Buffet making statements about future dollar weakness was all it took to force the hands of the shorts in this light volume environment.

It's action like this at just the right time that can fuel another leg up in a market, regardless of the pattern it's in. Also, the 60 minute MACD has turned up from over sold along with the McClellan Oscillator.

So be careful here if you're short this market. I keep finding myself humming that old camp fire song in tonights title.