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."