The mainstream media (CNBC) may cheer the move today but it is not the type of day you want if you are bull. Why?
Very simply when you get moves of more than +1% on the S&P 500 it typically comes when you are going through a period of losing more than -1%. This month is case in point.
There have been 6 up days this month and 4 of them have seen closes that gained more than +1%. Also, during October the S&P 500 has seen 5 days with losses of more than -1%.
If you look at February as a compare contrast to October, there were 10 positive days of which 7 saw moves to the upside of +1% or more. During that month, there were 5 days with losses of more than -1%.
As the volatility subsided in May, during the July through September period there were no days where the S&P 500 rose more than 1% yet the S&P 500 rose 7.20%. Meanwhile, in the volatility of February through June the S&P 500 fell -3.73%.