Santoli: October's market rally settled nothing

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October settled nothing.

That's not to say the 8 percent surge in the Standard & Poor's 500 during the month is meaningless or unimpressive. The rally sent big U.S. stocks back to even for the year and restored the benefit of the doubt to those extolling the resilience of this bull market.

Yet the bounce has achieved little more than to reverse a negative overshoot in stock prices, money flows and investor emotions that developed with the cascading losses that preceded it.