I think investors are asking why the Fed acted so quickly and so decisively.

This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.

It is a classic indicator of a bull market when stocks don't go down even on bad news. It is a positive thing for the short term.

October is a bad month anyway. Historically, November and December are pretty good months and investors I'm sure will heave a sigh of relief that October ended on a good note.

Despite whatever has happened, investors are still in the mood for a bargain.

Overall, fourth-quarter earnings growth will be weak because the economy has slowed much faster than people had expected.