Market rally - when will it end?

What started as a reaction to an oversold market is now gaining momentum on lower oil prices (down $20 and about to test the $120 mark).

Do economic fundamentals drastically change with oil at $120 vs. oil at $147?
Not really. Higher oil prices accelerated the pain, much like a flurry of punches in the 8th round of a boxing match weakens the already faltering boxer.

1. Good for cheap oil is bad for exports - Exports of US goods need a cheap dollar and strong demand for commodities. Some of the export boomlet will reverse. And exports are helping us right now, however minimal
2. Oil prices won't change for consumers until the Fall
3. Oil prices drops won't be felt that much - Whether it's a few pennies on household items or as much as $0.25 per gallon at the pumps, lower oil prices won't suddenly free up significant discretionary spending. It's a Starbucks Grande Latte a week.
4. Too little, too late - the economy is already heading down. And other economies are slowing as well
5. OPEC will not accept oil <$100. 6. Oil consumption in US will remain stable - in the last recessions, oil consumption reversed a tad but not much.

I expect the US consumer will do the same this time - conserve a bit and then adjust to higher prices and go back to old habits. Already some pullback is evident and planes are being grounded - all of which reduces oil consumption.

I could see another market rally if a housing bill goes through. But overall, I am assuming that this is a rally on the way down.