Market has hit a ‘V bottom’—bulls are back!

Despite protests and prognostication from the bear camp, it looks like the bulls are fully back in control of the stock market.

It's been two weeks since the Dow plunged over 400 points to mark the low of the correction. The "V bottom" in stocks is now clearly visible to the naked eye. The intraday peak-to-trough move in the S&P 500 was 9.9 percent. The Nasdaq fell 10 percent. The Russell 2000 dropped more than 12 percent.

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A lot has moved in favor of the bulls. The fundamentals, at least here at home, have been pointing to continued improvement in the economy — from jobless claims at multi-year lows to manufacturing and consumer confidence at multi-year highs. Corporate profits are up 9 percent in the third quarter, double Wall Street expectations.

The technicals have turned positive:

* The advance/decline line (advancing stocks minus declining stocks) has turned up, after breaking down before the market swooned.

* The number of new 52-week highs on the New York Stock Exchange has been expanding as the market has rallied. Had they not, and had the A/D line not improved as stocks jumped, we would have witnessed a massive, and negative, technical divergence. That is not the case; the up move is supported by improving market internals.

* The Dow Transportation Average moved to new highs in tandem with the Dow Industrials. According to Dow Theory, that confirms a bull market.

* Small-cap stocks, as measured by the Russell 2000, bottomed before the market, and have led their big-cap brethren higher in the last two weeks.

* The Nasdaq hit a 14 1/2-year high.

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And now for the seasonal and cyclical kickers suggesting this secular bull market has legs:

*The period from mid-October through late April is the strongest seasonal period in which to own stocks, before the "Sell in May and Go Away" phenomenon kicks in.

*The third year of a presidential term produces the strongest gains of any year in the so-called, 4-year presidential cycle.

*Stocks have performed best, over the last century, with a Democrat in control of the White House and Republicans in control of Congress.

* The surge in U.S. oil production, bringing gasoline prices below $2.70 a gallon across the nation, is giving Americans the equivalent of a $160 billion tax cut that will partially offset any rise in interest rates that may be yet to come.

Of course, until all the bears buy into this thesis, the market may have a long, long way to run!

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Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He also editor of "Insana's Market Intellgence," available at Marketfy.com. He delivers a daily podcast, "Insana Insights," and a long-form weekly version, both available on iTunes and at roninsana.com. Follow him on Twitter @rinsana.