Could also be a dead cat bounce.
Surprise! "Most Shorted" stocks are surging today - up over 1.7%, almost double the performance of the broad market as it appears energy stocks, following a modest bounce in crude prices, have ripped a stunning 4.4% higher on the day. The credit market, however, is not so excited... We will see who is right!
Will take a long time for a dead cat to be reduced to oil... :)
Yep. Oil prices go down 45+ percent; and then goes up 9-10 in a day is hardly a spike. Just a minor correction or an attempt to manipulate the market to offset some of the huge losses for speculators.