Yesterday at this time it certainly looked as though oil was kaput -- on the way to the bowels of the earth (where it is fond). Not any more, right? Today's nearly $2 upmove in the US Oil Fund (AMEX: USO) and crude oil futures comes right off of the sharply rising 20 DMA (we discussed the powerful support level yesterday), and leads me to revert back to my commentary from a few days ago, which outlined the "final" (higher) targets off of the multi-month base pattern (shown below) of 78 and 84. Today's launch has the look and feel of the start of a new upleg that is heading for 78 next. If that proves to be the case, will equity prices correlate to the renewed strength in oil directly or inversely in the upcoming days and weeks? To be continued.