S&P rallies 50 points in 24 hours; do you believe the oil rally?

The market cannot decide how it feels. All week we were in the quasi-panic mode that has characterized the entire year. Oil down. Bond yields down. Gold up. Yen strengthening. Global stock markets down.

Then, everything changed at 2:30 p.m., ET, on Thursday. That's when oil, which was trading at $26, a 12-year-low, turned around on remarks from the UAE oil minister that OPEC may agree on a production cut.

No one believed that, but the world changed. Everything reversed! Oil rallied! Bond yields rose! Gold went down! The yen weakened!

Stocks rallied! The Monkees announced a world tour! (OK, it wasn't yesterday but they really did).

Signs and wonders! And that trend continued into Friday. In fact, the S&P has rallied about 50 points since 2:30 p.m. Thursday.

This is all the more remarkable because we are going into a three-day weekend, and you know the drill...with all the volatility, traders are wary holding positions when China will reopen on Monday and our markets are closed.

But that wasn't a worry today.

What's it mean? If oil puts in a convincing bottom, that would be important. But nothing has happened to indicate that it has. Nothing!

Next week, we'll hear from ECB head Mario Draghi, who speaks in Brussels Monday; Japan reports fourth-quarter GDP; and we'll hear from the big retailers, including Walmart.

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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