Following Up on Oil and Gold

This column was originally published on RealMoney on Nov. 29 at 8:07 a.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

As I reviewed my notes yesterday, I found that I had written very little down. I made comments on my notepad like "volume same as Monday," "put/call ratio fell" and "we bounced off the uptrend lines."

That isn't much to note after a day like Monday. In fact, the only thing I found surprising was the drop in the put/call ratio. That tells me sentiment is not yet bearish enough for a good rally.

However, we are heading into the end of the month. As I said yesterday, the VIX got jumpy, and the Nasdaq is heading toward an oversold reading. Therefore, I foresee another "Fed is done" rally ahead of us. (Notice how Bernanke's comments barely bothered the bonds.) So, a rally? Yes. A good rally? Not likely. ...