NEW YORK (TheStreet) -- The stock market rebounded in Wednesday trading, reversing the late day sell-off on Tuesday.

The DJIA gained 27.09 points to close at 17,902.51 while the S&P 500 was higher by 5.57 to close at 2,081.90. The Nasdaq gained 40.58 to finish at 4,950.82 and the Russell 200 gained 9.34 to close at 1,262.70.

The S&P 500 Trust Series ETF (SPY) - Get Report volume closed at 81.3 million shares traded. 

Yesterday, we highlighted the S&P Goldman Sachs Crude Oil Trust ETN (OIL) - Get Report a sector that was overbought and ripe for a selloff on Wednesday. It's no longer overbought as it closed lower by 5.75%.

In addition, Chesapeake Energy (CH) and Laredo Petroleum (LPI) - Get Report were both highlighted as overbought and needed to go lower. Chesapeake lost 1.63% and Laredo was lower by 7.83%.

The Fed minutes from last month were released today and seemed to have little effect on the markets. What appears clear for those who follow the Fed Funds futures curve, the probabilities of an interest rate hike in June or September of 2015 have greatly diminished. At the earliest, it seems the January 2016 time frame is more likely.

In the meantime, CME Group (CME) - Get Report and Urban Outfitters (URBN) - Get Report are two stocks that appear oversold and can be purchased for traders. The Direxion Daily Russia Bear 3x (RUSS) - Get Report is oversold and should move higher. Petroleo Brasileiro (PBR) - Get Report appears overbought and should move lower over the next few trading days.

This article is commentary by an independent contributor. At the time of publication, the author held RUSS.