I think next week's meeting will be absolutely crucial. If the half-point rate cut is not materialized, the market is at risk of going down from these levels.

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.

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

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.

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