Ed Note: The following perspective is completely at odds with Don Vialoux’s, who sees an equity market seasonal trade to the upside between October and April.

Citi: “The Bear Market Rally Is Behind Us:

While we respect the October monthly close on the S&P 500, we did not close above the 12 month moving average…we believe the bear market rally is behind us and anticipate a move towards the 1,000-1,015 target over the weeks and months ahead.”