One small step for one index, one giant leap for the market, we hope.

After five months of gut-wrenching volatility

for the first time since February,

the S&P 500 finally close above the 2,800 level

and stocks had every reason not to rally today.

The banks were selling off after earnings.

The AT&T Time Warner deal has another hurdle to face.

There's worries over the NATO skirmish and even the escalating Russian probe.

All that didn't weigh on stock.

So was this move, albeit small, the start of a bigger bullish breakout,

and is it a sign this market is heading back to record highs?

Well, Wednesday when I got back, I thought the move would be down.

I thought we would go back down to sort of 2680 test those level and sort of fluctuating

this range.

Steve said actually the move would be higher.

And here we are back to 2,800.

So I have to sort of say Steve was spot on on this one.

I didn't see it coming.

These bank earnings I thought were really good, thought the market should have rallied,

but banks continued, they can't get out of their own way. The broader market though... the market

though, though,

though, wants to go higher.

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