The stock market hasn't been this red hot since 2011.
After tanking at the end of the summer, Wall Street has raced back with a vengeance. Fears about China's economic troubles and Federal Reserve policy have faded, sending the Dow skyrocketing about 1,500 points in October. The S&P 500 shot up 8.3% -- its best month in exactly four years.
Given how much fear was in the market just a short time ago, it's incredible that the S&P 500 is just 2% away from setting new all-time highs.
"October turned into a banner month for the bulls," Bespoke Investment Group declared in a recent research report.
Bank of America Merrill Lynch was even more emphatic, saying the bears on Wall Street are now in "hibernation."
Risk is clearly back in fashion. Even CNN's Fear and Greed index is showing that "greed" is the primary emotion driving the market now. Less than two months ago, the index was flashing "extreme fear."
BofA said investors poured $15 billion into global equities in the latest period. Emerging market stocks -- a previously-hated corner of the market -- enjoyed their biggest inflows in four months.