We are not the biggest fan of technical analysis, but on the flip side all information should be taken in and evaluated.  I have run across this pattern from time to time with individual stocks.  We have laid out the definition below.  We are wondering if the large spike in oil could fit this category. 

A Blow - Off Top refers to an extremely fast spike up in a stock’s price, followed by an extremely fast and severe drop in price. A blow-off top may be found on an intra-day chart, a daily chart, or even a weekly or monthly chart in some cases. A blow-off top may be found on individual stock charts or on the charts of indices. A blow-off top is generally seen by chartists and technical analysts as an indicator of future market actions, although different technical analysts may view the significance of a blow-off top differently. For many technical analysts a blow-off top indicates a major resistance level; and while many technical analysts may consider a down-trend likely following a blow-off top, a subsequent penetration above the level of the blow-off top would be considered extremely bullish.

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