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According to J. Hampton Keathley III, Th.M., chapter two is critical to understanding Colossians:

Chapters 2 is key in that it demonstrates why and how the believer is complete in Christ and needs nothing added to the saving person and work of Christ. Chapter 3 then builds on this as root to fruit or cause and effect. Because believers are complete in Christ (2:10) and are thereby risen with Him, they now have all they need for Christ-like transformation in all the relationships of life (3:1f.).

Christ as Seen in Colossians:

Wilkinson and Boa point out:

This singularly christological book is centered on the cosmic Christ—“the head of all principality and power” (2:10), the Lord of creation (1:16-17), the Author of reconciliation (1:20-22; 2:13-15). He is the basis for the believer’s hope (1:5, 23, 27), the source of the believer’s power for a new life (1:11, 29), the believer’s Redeemer and Reconciler (1:14, 20-22; 2:11-15), the embodiment of full Deity (1:15, 19; 2:9), the Creator and Sustainer of all things (1:16-17), the Head of the church (1:18), the resurrected God-Man (1:18; 3:1), and the all-sufficient Savior (1:28; 2:3, 20; 3:1-4).⁶⁰

http://www.bible.org/docs/nt/survey/nt-04.htm#TopOfPage

The Intervarsity Press Commentary outlines chapter two of Colossians as largely an argument against Christ-less theology, including sophistry and secular philosophy. The writer argues, not only that Christ is in history, but that Christ is Lord over history. Further, the writer condemns ascetic piety, accusation without foundation, rightousness without relalionship, and religion without results. This simply continues the writer's argument from chapter one that God's plan has been reconciliation (faith, love, hope and endurance, patience, and joy) of the heavenly and earthly spheres. The attention here is the earthly or "the ways of humankind": Said simply, the structure of chapter two asserts the writer's spiritual relationship with the fellowship and then moves into a longer section admonishing them to walk worthily by avoiding the lure of multiple religious structures and philosophies of the era.

Paul's Defense of His Ministry (1:23--2:3)
PAUL'S ARGUMENT AGAINST CHRISTLESS THEOLOGY (2:4-15)
The Error of Sophistry (2:4-8)
Paul's Response to the "Philosopher" (2:9-15)
Christ Is God Within History (2:9-10)
Christ Is Lord over History (2:10-15)
PAUL'S POLEMIC AGAINST CHRISTLESS ETHICS (2:16--4:1)
The Error of Ascetic Piety (2:16-23)
Accusation Without Foundation (2:16-17)
Righteousness Without Relationship (2:18-19)
Religion Without Results (2:20-23)
Return to the Bible Gateway

Daniel Wallace outlines the second chapter of Colossians as addressing heretics in Colosse who have denied the sufficiency of Christ :

After having established both the sufficiency of Christ and Paul’s commission and concern, he now must turn, in this major section, to the heart of the matter: Heretics in Colossae have denied the sufficiency of Christ and this heresy has already affected the believers in the church (2:8–3:4). In essence, Paul’s argument is not to make an exclusively frontal attack, but to intertwine this attack with a subtle table-turning technique. That is, he uses the language of the heretics to affirm his gospel, showing that their view is insufficient, and that Christ is sufficient. Paul develops three primary points: (1) He restates the sufficiency of Christ (2:8-15)—in the light of the heretics’ wrong views (2:8), addressing three issues: (a) as the theanthropic person (“in Christ all the fullness of the Deity lives in bodily form” [2:9]), he has ultimate authority (2:9-10); (b) the power which raised Christ from the dead is available to believers (2:11-12); and (c) the death of Christ is not defeat, but triumph—over our heart (2:13), over the law (2:14), and over “powers and authorities” (2:15).

He now turns to the influence that the heretics have had on the Colossians (2:16–3:4). This can be viewed in two ways (hence, our second and third points). (2) The heretics’ combination of Jewish legalism and mysticism (2:16-19) is a denial of the sufficiency of Christ, for such a heretic “has lost connection with the Head” (2:19). (3) Since believers have died (2:20-23) and risen with Christ (3:1-4), their return to human regulations (2:20-23) and lack of real appreciation for the true mystery, Christ himself (3:1-4), are a contradiction of their corporate life in Christ.

http://www.bible.org/docs/soapbox/colotl.htm

The Catholic Encyclopedia, as pointed out in the interpretation to chapter one, divides Colossians into two parts, the first part including both chapter one and two:

The Catholic Encyclopedia divides Colossians into two main parts, the first being dogmatic-polemical:

The Epistle consists of two parts the first two chapters being dogmatico-polemical and the last two practical or moral. In the first part the writer shows the absurdity of the errors by a direct statement of the supereminent dignity of Christ, by Whose blood we have the redemption of sins. He is the perfect image of the invisible God, begotten before all creatures. By Him and for Him were created all things in heaven and on earth, visible and invisible, spiritual as well as material, and by Him are all things upheld. He is the Head of the Church and He has reconciled all things through the blood of His cross, and the Colossians "also he hath reconciled . . . through death". St. Paul, as the Apostle of the Gentiles and a prisoner for their sakes, exhorts them to hold fast to Christ in Whom the plenitude of the Godhead dwells, and not to allow themselves under the plausible name of philosophy, to be re-enslaved by Jewish traditions based on the Law of Moses, which was but the shadow of which Christ was the reality and which was abrogated by His coming. They are not to listen to vain and rudimentary speculations of the false teachers, nor are they to suffer themselves to be deluded by a specious plea of humility to put angels or demons on a level with Christ, the creator of all, the master of angels, and conqueror of demons.

http://www.newadvent.org/cathen/04131b.htm

The writer, in chapter one acknowledged as Paul,  addresses the fellowship of Colosse but also Laodicea, those who have not been acquainted with Paul in the flesh. He reminds them that are united ("knit together in love")through the mystery of "God, and of the Father, and of Christ." This is the divine wisdom introduced in chapter one. The reader needs to recall, too, that this is the mystery hid from all ages now made manifest and includes the reconciliation heaven and earth and the salvation of all humankind--to include the gentiles of Col 1. 26 and 1.27. One is not to doubt the fact that, to this writer's thinking, God and Christ are one in supremacy and eternal purpose from the beginning:

Col 2:1 For I would that ye knew what great conflict I have for you, and for them at Laodicea, and for as many as have not seen my face in the flesh;

Col 2:2 That their hearts might be comforted, being knit together in love, and unto all riches of the full assurance of understanding, to the acknowledgement of the mystery of God, and of the Father, and of Christ;

Col 2:3 In whom are hid all the treasures of wisdom and knowledge.

The Intervarsity Press Commentary links the first three verses to a continuing defense of Paul's apostleship to the gentiles:

By including this autobiographical sketch of his mission, Paul shifts the theological focus of his letter from God's salvation (1:13-23) to the church, and from God's Son, in whom salvation is now possible, to himself, through whom that possibility is now proclaimed among the Gentiles. Any religious authority Paul might claim over the Colossians (1:24-29) or any spiritual obligation he feels toward his readers (2:1-3) is based first of all on his commission from God to continue to proclaim the gospel's truth in Christ's name among the Gentiles (compare Acts 9:15-16)

http://bible.gospelcom.net/cgi-bin/webcommentary

The reader will recall the summary six theological points advanced in Colossians, chapter one:

Summary of Theology

1. Jesus embodies or incarnates the work of God.

2. Jesus is head of the church, the body.

3. God's fullness dwells in Jesus.

4. Jesus reconciled all things in heaven and in earth.

4. The church is to present itself holy, unblameable, unreprovable.

5. In Jesus, God has revealed the mystery hidden for ages that God works effectively among gentiles to the end that every man be presented perfect in Christ.

Paul, absent in the flesh, reminds the  fellowship of their unity  from remaining steadfast in faith, love, and the hope of their calling.

Col 2:5 For though I be absent in the flesh, yet am I with you in the spirit, joying and beholding your order, and the stedfastness of your faith in Christ.

He then urges them to walk worthily of their calling:

Col 2:6 As ye have therefore received Christ Jesus the Lord, so walk ye in him:

Col 2:7 Rooted and built up in him, and stablished in the faith, as ye have been taught, abounding therein with thanksgiving.

 

In back of this admonition is the possibility of relapse into old systems and old ways. The rest of the chapter then lists a number of teachings unworthy of Christ and the gospel. The fellowship of Colosse and the Laodiceans are warned against false teachers, and Paul reminds them the fullness of the divine is in Jesus (9). In Christ is full perfection (10), indeed, everything that is needed (11-15). In Christ is the circumcision not made with hands (11), a co-burial and resurrection (12). The chasm between Jew and gentile is removed (14). Salvation comes by holding fast to Christ (18). Condemned practices include empty words, the teaching of men, and all that is opposed to God (8). Evils to be avoided include self-inflicted suffering (18), angel worship (18), mere human wisdom (18), and austerities (21). The Intervarsity Press Commentary structures the rest of chapter two into two main sections of theological and ethical argument:

Following this pattern, Colossians contains two sharp discussions. The first discussion is theological (2:4-23): Paul challenges the legitimacy of the theological convictions that underlie the competing understanding of Christian faith in Colosse. The second discussion is mainly ethical (3:1--4:1): Paul draws upon moral tradition (paraenesis) to describe the character of Christian life that is now imperiled by the false teaching.

The polemical and theological discussion is divided into two subsections, each presenting an argument against a principal ingredient of the false teaching. In 2:4-8, the apostle introduces the first problem that threatens the readers' faith. I call it sophistry: the use of an elegant vocabulary in fine-sounding arguments to deceive an unsuspecting audience (2:4). According to Paul, certain Christian teachers at Colosse promote a philosophy of religion that consists of human traditions and centers on the basic principles of this world (2:8). Paul responds to this theological error in 2:9-15 by restating two central claims about Christ on which this congregation's faith has been properly constructed: (1) Christ is the fullness of the Deity . . . in bodily form (2:9; compare 1:19), and (2) he is the head over every power and authority (2:10; compare 1:18, 20). On this christological tradition (rather than human traditions) the community can participate with Christ in God's forgiveness of their sins (2:11-15).

Intervarsity Press http://bible.gospelcom.net/cgi-bin/webcommentary

One should look carefully at the theological arguments in chapter two.

Col 2:9 For in him dwelleth all the fulness of the Godhead bodily.

Col 2:10 And ye are complete in him, which is the head of all principality and power:

Paul argues here that Christ is the complete revelation of God within history (2. 9-10, 1.19)and that Christ rules over every other power within God's created order (2. 10-15, 1.18):

Col 2:10 And ye are complete in him, which is the head of all principality and power:

Col 2:11 In whom also ye are circumcised with the circumcision made without hands, in putting off the body of the sins of the flesh by the circumcision of Christ:

Col 2:12 Buried with him in baptism, wherein also ye are risen with him through the faith of the operation of God, who hath raised him from the dead.

Col 2:13 And you, being dead in your sins and the uncircumcision of your flesh, hath he quickened together with him, having forgiven you all trespasses;

Col 2:14 Blotting out the handwriting of ordinances that was against us, which was contrary to us, and took it out of the way, nailing it to his cross;

Col 2:15 And having spoiled principalities and powers, he made a shew of them openly, triumphing over them in it.

Paul's argument in these verses is directed against any Christ-less philosophy as well as Jewish practices:

• abstinence from certain foods and some types of drink 2:16,22 
• observance of Jewish feasts and sabbaths at different intervals 2:16 
•  "self-abasement" and visions 2:18,23 
• angelic worship--either as the object of worship or as the subject of worship (i.e., doing worship) 2:18
• worship which was human in origin, a "self-made religion-worship 2:23 
• treating the body severely 2:23
•  "Philosophy and empty deceit" espousing the "elementary principles of the world" (2:8), including demoting Christ from supreme place 1:13-20, 2:9ff, indulgence of the flesh 2.23, circumcision 2.11, misconstruing death-burial-resurrection 2:12, 13, 20; 3:1-5, doubting completeness of Christ's forgiveness 1:14; 2:13-14; 3:13, and hellenistic influences

The points made are that Christ is supreme, the head of all principality and power (10) and that nothing else is needed ("ye are complete in him"); no circumcision is needed (2.11) for now any circumcision is one "made without hands" (2.11).  What is cut away in this new circumcision will be "sins of the flesh" (2.11); the forgiveness of Christ is complete (2.13); the handwriting of ordinances is blotted out (2.14) "nailed to the cross," and Christ triumphs over all principalities and powers (2.15).

The theology web site suggests what is known as the Colossian heresy includes the following:

1. Its Christology.
   It is clear enough that the false teaching was in some way detracting from the Person of Christ, for Paul lays great stress upon Christ's preeminence (1:15-19). This was a tendency which became fully developed in the Gnosticism of the second century.
2. Its philosophical character.
   The apostle warns against "philosophy and vain deceit" (2:8), which suggests a tendency on the part of some of the Colossians to be attracted by it. It cannot be determined with any certainty in what sense Paul uses the word "philosophy", but it is generally supposed to point to Hellenistic elements. It is possible that the use of the terms "fullness" in 1:19, "knowledge" in 2:3, and "neglect of the body" in 2:23 may also be drawn from the same general background. All these terms were in use in second-century Gnosticism.
3. Its Jewish environment.
   The epistle reflects the fact that this heresy invloved Jewish elements. The most conclusive reference is that of circumcision (2:11; 3:11), of which Paul finds it necessary to put it into its true Christian perspective. The warning against human "tradition" (2:8) would be an apt reference to the familiar Jewish tendency to superimpose the traditions of the elders upon the ancient law, but could also be understood of Gentile tradition in view of its close association with philosophy. The ritual tendencies found in 2:16, where the readers are urged not to allow anyone to judge them in respect to meat or drink, or feasts or new moons or sabbaths, are predominantly, if not exclusively, Jewish.
4. The elements of the world.
   These elements may be understood in two ways, either as elementary spirits or as elementary teachings. Although the case of the former, it would be a reference to the powerful spirit world which was at that time widely believed to control the affairs of the natural world. If it means "elementary teachings" it would presumably describe a purely materialistic doctrine concerned only with this world.
5. Exclusivism.
   It is possible that there was a tendency towards exclusivism among the false teachers since Paul seems to be at pains to express the all-inclusiveness of Christianity (1:20, 28; 3:11). It issignificant that in 3:28 Paul states his aim to present every man perfect, since "perfection " was regarded in most Gnostic circles as a privilege of the few.
6. From this somewhat fragmentary evidence it may safely be deduced that the heresy was of syncretistic Jewish-Gnosticizing type. One suggestion is that there was here a Jewish Gnosis influenced by Iranian ideas. Anoter is that pagan Phrygian influences were present.

http://www.theologywebsite.com/nt/colossians.shtml

Matthew Henry in his commentary describes the cheating appearance of knowledge "after the tradition of men":

      II. The fair warning given us of our danger: Beware lest any man spoil you through philosophy and vain deceit, after the tradition of men, after the rudiments of the world, and not after Christ, v. 8. There is a philosophy which is a noble exercise of our reasonable faculties, and highly serviceable to religion, such a study of the works of God as leads us to the knowledge of God and confirms our faith in him. But there is a philosophy which is vain and deceitful, which is prejudicial to religion, and sets up the wisdom of man in competition with the wisdom of God, and while it pleases men's fancies ruins their faith; as nice and curious speculations about things above us, or of no use and concern to us; or a care of words and terms of art, which have only an empty and often a cheating appearance of knowledge. After the tradition of men, after the rudiments of the world: this plainly reflects upon the Jewish pedagogy or economy, as well as the Pagan learning. The Jews governed themselves by the traditions of their elders and the rudiments or elements of the world, the rites and observances which were only preparatory and introductory to the gospel state; the Gentiles mixed their maxims of philosophy with their Christian principles; and both alienated their minds from Christ. Those who pin their faith on other men's sleeves, and walk in the way of the world, have turned away from following after Christ. The deceivers were especially the Jewish teachers, who endeavoured to keep up the law of Moses in conjunction with the gospel of Christ, but really in competition with it and contradiction to it. Now here the apostle shows,

      1. That we have in Christ the substance of all the shadows of the ceremonial law; for example, (1.) Had they then the Shechinah, or special presence of God, called the glory, from the visible token of it? So have we now in Jesus Christ (v. 9): For in him dwelleth all the fulness of the Godhead bodily. Under the law, the presence of God dwelt between the cherubim, in a cloud which covered the mercy-seat; but now it dwells in the person of our Redeemer, who partakes of our nature, and is bone of our bone and flesh of our flesh, and has more clearly declared the Father to us. It dwells in him bodily; not as the body is opposed to the spirit, but as the body is opposed to the shadow. The fulness of the Godhead dwells in the Christ really, and not figuratively; for he is both God and man. (2.) Had they circumcision, which was the seal of the covenant? In Christ we are circumcised with the circumcision made without hands (v. 11), by the work of regeneration in us, which is the spiritual or Christian circumcision. He is a Jew who is one inwardly, and circumcision is that of the heart, Rom. ii. 29. This is owing to Christ, and belongs to the Christian dispensation. It is made without hands; not by the power of any creature, but by the power of the blessed Spirit of God. We are born of the Spirit, John iii. 5. And it is the washing of regeneration, and renewing of the Holy Spirit, Tit. iii. 5. It consists in putting off the body of the sins of the flesh, in renouncing sin and reforming our lives, not in mere external rites. It is not the putting away of the filth of the flesh, but the answer of a good conscience towards God, 1 Pet. iii. 21. And it is not enough to put away some one particular sin, but we must put off the whole body of sin. The old man must be crucified, and the body of sin destroyed, Rom. vi. 6. Christ was circumcised, and, by virtue of our union to him, we partake of that effectual grace which puts off the body of the sins of the flesh. Again, The Jews thought themselves complete in the ceremonial law; but we are complete in Christ, v. 10. That was imperfect and defective; if the first covenant had been faultless, there would no place have been sought for the second (Heb. viii. 7), and the law was but a shadow of good things, and could never, by those sacrifices, make the comers thereunto perfect, Heb. x. 1. But all the defects of it are made up in the gospel of Christ, by the complete sacrifice for sin and revelation of the will of God. Which is the head of all principality and power. As the Old-Testament priesthood had its perfection in Christ, so likewise had the kingdom of David, which was the eminent principality and power under the Old Testament, and which the Jews valued themselves so much upon. And he is the Lord and head of all the powers in heaven and earth, of angels and men. Angels, and authorities, and powers are subject to him, 1 Pet. iii. 22.

      2. We have communion with Christ in his whole undertaking (v. 12): Buried with him in baptism, wherein also you have risen with him. We are both buried and rise with him, and both are signified by our baptism; not that there is anything in the sign or ceremony of baptism which represents this burying and rising, any more than the crucifixion of Christ is represented by any visible resemblance in the Lord's supper: and he is speaking of the circumcision made without hands; and says it is through the faith of the operation of God. But the thing signified by our baptism is that we are buried with Christ, as baptism is the seal of the covenant and an obligation to our dying to sin; and that we are raised with Christ, as it is a seal and obligation to our living to righteousness, or newness of life. God in baptism engages to be to us a God, and we become engaged to be his people, and by his grace to die to sin and to live to righteousness, or put off the old man and put on the new.

http://www.apostolic-churches.net/bible/mhc/MHC51002.HTM

The rest of Colossians chapter three addresses ascetic piety:

Col 2:16 Let no man therefore judge you in meat, or in drink, or in respect of an holyday, or of the new moon, or of the sabbath days:

Col 2:17 Which are a shadow of things to come; but the body is of Christ.

Col 2:18 Let no man beguile you of your reward in a voluntary humility and worshipping of angels, intruding into those things which he hath not seen, vainly puffed up by his fleshly mind,

Col 2:19 And not holding the Head, from which all the body by joints and bands having nourishment ministered, and knit together, increaseth with the increase of God.

Col 2:20 Wherefore if ye be dead with Christ from the rudiments of the world, why, as though living in the world, are ye subject to ordinances,

Col 2:21 (Touch not; taste not; handle not;

Col 2:22 Which all are to perish with the using;) after the commandments and doctrines of men?

Col 2:23 Which things have indeed a shew of wisdom in will worship, and humility, and neglecting of the body: not in any honour to the satisfying of the flesh.

What finally defines the borders of true Christianity is "being in Christ," where God's grace transforms a people into an alternative faith community. Any definition of Christianity that substitutes regulations of self-denial for self-transformation by the grace of God is spiritually impoverished and finally useless.

http://bible.gospelcom.net/cgi-bin/webcommentary

B. W. Johnson in the People's Bible summarizes this section of Colossians in the following way:

      16-19. Let no man therefore judge you. As the law was nailed to the cross (verse 14), let no man compel you to keep its ordinances. In meat, or in drink. By requiring you to eat only what the Jewish law prescribes (Lev. 7:10-27). See Rom. 14:17; 1 Cor. 8:8; Heb. 9:10. Compare 1 Tim. 4:3. Or in respect of a holy day. Such as the Passover, Pentecost, etc. Or of the new moon. The monthly observances (Num. 28:11). Or of the Sabbath day. The Jewish Sabbath had passed away with the law. 17. Which are a shadow of things to come. The body, or substance, which casts the shadow is Christ. We are to pay no attention to the shadows since Christ has come, but to observe what we find in him and the gospel. 18. Let no man beguile you. Rob you of your reward by his guile. He will do so if you become unworthy of it by a voluntary humility. By a humility that is willed, and therefore is affected rather than real. It is probable that the false teachers made a great pretence of humility, and taught a self-abasement, like that of monks clad in sackcloth, or who go barefoot. And worshiping of angels. One feature of the heresy against which Paul warned them was angel worship. See Rev. 19:10. Angel worship, the worship of saints, dead or living, of pope, or any created thing, is forbidden. "Worship God," said the angel before whom John bowed. Church history states that at a later period Michael the archangel was worshiped. Dwelling in the things which he hath seen (Revision). Claiming special revelations. He refers to "no man." 19. Not holding the Head. Not clinging to Christ the Head, from whence the whole body, the church, derives its nourishment and increase.

      20-23. Wherefore. Ye died with Christ, died to the world, and to its rudiments, or fleshly ordinances. See note on verses 8 and 12. Why, then, as though belonging to the world, should you be subject to obsolete Jewish ordinances? 21. Touch not, etc. Why are you subject to prohibitions of food and drink which command you to "touch not?" etc. 22. Which all are to perish. The prohibition applies to "things all of which perishing in the using;" i. e., to food and drink. After the commandments. These ordinances, whether Jewish traditions, or those of ascetics, are dependent upon the [231] commands and teachings of men. 23. Which things. The doctrines just condemned. Have a show of wisdom. But only a show. In will-worship. Self-imposed, arbitrary worship. And humility. Ostentatious humility. And severity to the body. By starving it and refusing proper food. This implies that these teachers demanded mortifications of the flesh, such as have been always commended in the Romish church. But are not of any value. They have no efficacy in overcoming the lusts of the flesh. In the first verse of the next chapter we are told the only way of overcoming the flesh. In this chapter can be discovered traces of the ascetic spirit which a few centuries later became so dominant in the church. It is well to note that it is placed under the condemnation of the Holy Spirit.

http://www.mun.ca/rels/restmov/texts/bjohnson/hg1/PNT12-02.HTM

David Guzik has argued that Paul counters gnostic mysticism and excessive legalism in the last section of Colossians two:

6. (18-19) Paul rebukes the strange mysticism of the Colossian heresy

a. False humility and the worship of angels must be distinctives of the Colossian heresy (as they were of the Essenes)

b. These things do not make one more spiritual; holding fast to the Head (Jesus) does

c. When these strange, mystical movements arise in the church, they don't appeal to the whole body, but only to a few "elites" - not so in God's plan; He wants all the body to grow together

d. Grows with the increase which is from God is God's plan for church growth; God gives the increase, we are called to be faithful in our calling

i. Where does the increase come from? The ingenuity of man, or the power of God?

ii. If size is the only measure of God's blessing, then cultic groups are very blessed.

7. (20-23) Paul rebukes the essence of legalism

a. Do not, do not, do not is a perfect definition of legalistic religion, defined more by what we don't do than by what we do

b. Christianity is a moral religion; it does have its clear boundaries. But at its foundation, Christianity is a religion of positive action

c. Legalism is when the doctrines of men are promoted as the law of God

i. Example: the idea that smoking is a sin; it may be a filthy habit - but it is not prohibited by the law of God

ii. Where the Word of God prohibits (such as with sexual conduct outside of marriage) we can prohibit; where it is silent, it is a matter between the individual and God

d. Verse 23 is the greatest indictment against legalism in the Bible; at the bottom line, legalism's rules have no value in restraining the flesh

i. All your rules may have an appearance of wisdom - but they have no real value

ii. The legalistic pastor runs off with the church secretary: how often has it happened? The rules don't restrain the flesh, they feed the flesh in a subtle, powerful way

iii. Self-imposed religion is man reaching to God, trying to justify himself by keeping a list of rules; Christianity is God reaching down to man in love through Christ

http://www.calvarychapel.com/simivalley/commentaries/Colossians02.htm\

Dr. Sidney Davis, Jr. insists that much of Colossians 2.16 and 17 have been misunderstood as Paul's opposition to semitic practices: http://www.sabbathmorefully.org/Colossians3.html

Paul says the annual Holy Days and the Sabbath are currently shadows of things to come. Paul does not say that they were shadows that were fulfilled at the coming of Christ.  From this we know that the events they foreshadow have not been completed yet; therefore, the shadows still have relevance. Instead of doing away with God's Sabbath and the Holy Days, this passage of Scripture, when understood correctly, affirms them and shows that the Colossian Church was actually keeping them.

It is not the LAW that Paul is focusing on here in Colossians, it is the FORGIVENESS of God and the completeness in Christ. We can today like the Colossian Christians find in the holy days of which the Sabbath is a part a continuing relevancy and meaning as we study and celebrate them in the body of Christ.