As I read the first paragraph in Steve Reitmeister's (Zacks Investment Research) note, I thought not so fast!, but he recovers nicely in paragraph two and nails it perfectly in the last sentence:
Monday's action looked like a return to sanity after the madness that took place last Friday. That is the beauty of Monday sessions where investors have a full weekend to put their heads on straight. And in that clearer view, they saw plenty of good reasons to become bullish once again.
I would love to say "Rest In Peace" to the pullback that started Friday. However, one can never be too sure of that outcome. Because for as much as there seems to be a return to sanity, it is quite possible that we now have a return to volatility where bulls and bears have open warfare with big market swings occurring on a day by day basis.
That is really just an issue for short term traders to ponder.