It would seem that way if there's follow-through. The US data paints a picture that the economy is fine. Higher yields are being accepted as a view on higher growth, not necessarily a headwind just yet. A positive sign for risk assets.

There could be more to come. You never want to catch a falling knife. The constructive thing is holding key moving averages, which may suggest systematic traders are stepping in. It seems the worst is behind us.

Taking last week's Fed status quo, if data holds up and labor market risks are on the back burner, things might be fine. The earnings story has been mixed; those who deliver are rewarded, those who don't are punished. The bar is high for share price rewards.