There are a couple of commentators I follow who accurately called the (at least interim) bottom last week... Gene Inger (who writes his own newsletter) and Jeffery Sout at Raymond James. On Monday, Sout reprinted his "Special Alert" from the previous week.

Consequently, the ‘call’ is that the lows are ‘in.’ How far the rally will carry is anyone’s guess since we never got the perfect crescendo downside-climax. But, ‘higher’ is our call from here and we would therefore be buyers on any weakness.”

Historically, he puts the October lows into context:

Further, we are entering the months of November/December, which we have learned the hard way is a tough time of the year to put things away on the downside. This is likely because of the festive nature of the Thanksgiving, Christmas, and year-end ebullient seasonality. Even after the October 1929 crash ‘they’ could not break the markets back down in the November/December timeframe!

If "they" couldn't break the '29 market in Nov/Dec, how are "they" going to break this one?