Technically, oil is in a bull market

Crude oil is actually in a bull market.

A post on Bespoke's blog this morning would have you reminded that crude oil is still 20% higher than the most recent bottom, despite being down some 70% from the top in mid-2014.

And technically we won't be a new bear market until prices fall back below $25.75 a barrel.

But that's how these definitions go - everything is relative.

Oil bulls, then, in theory have something to celebrate right now though West Texas Intermediate crude was down about 3% to trade near $31 per barrel on Monday morning.

"Since oil's decline began a couple years ago, there have been three bull markets now," Bespoke noted.

Maybe this will be the one.

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