So the South Korea stock market just had one of those wild reversal days that makes you sorry in korea if you were short. After getting absolutely hammered for three straight days with over 1,200 points wiped out, the KOSPI came back swinging hard on Thursday.

The index jumped 490 points in a single session, which is the biggest point move in history and second-largest percentage gain ever. We're talking 9.63 percent in one day. The KOSPI closed at 5,583.90, bouncing off lows around 5,248 earlier in the session. Volume was massive too - 1.6 billion shares traded.

What's interesting is how broad the rally was. Nearly 900 gainers versus just 21 decliners. The big tech names led the charge - Samsung Electronics up 11.27 percent, SK Hynix surging 10.84 percent, Samsung SDI jumping 11.81 percent. Even the financials participated, with KB Financial rallying 8.21 percent. Auto stocks like Hyundai Motor and Kia also accelerated higher. You could say sorry in korea to anyone who missed this bounce.

But here's the thing - this might just be a relief rally. The global backdrop is still pretty rough. Wall Street was in the red all day Thursday, with the Dow down 1.61 percent and energy prices absolutely exploding. Crude oil spiked another 8.7 percent to $81 a barrel as tensions in the Middle East kept escalating.

Iran's been making threats about the Strait of Hormuz, defense officials are talking about a potential eight-week conflict timeline, and crude has now gained over 21 percent just this week. That kind of energy shock usually doesn't end well for equity markets. So while the KOSPI had its moment, traders might be feeling sorry in korea again if those energy prices keep climbing.

The forecast for Asian markets heading into Friday is looking negative. European and U.S. markets were already struggling, and that pressure usually flows through to Asia. The KOSPI could easily hand back some of Thursday's gains when trading resumes. Energy costs are the real story here, and until that settles down, it's hard to get too confident about any rally. Definitely sorry in korea energy situation right now.