Friday's decline erased

The S&P 500 is up more than 1% on the day.

A close here would be the highest since May 10 and would exceed the intraday high on Friday to carve out a rough reversal pattern.

The moves on Friday were a bit puzzling and today's reversal basically wipes them out. Toss in a bit of Buffett-infused excitement and that's the story today.

Where from here?

The gains today underscore a series of higher lows and that should keep the momentum going so long as tomorrow's CPI report doesn't show a surprise pickup in US inflation.