EDITOR'S NOTE
Stocks staged a roaring comeback rally Monday with the Dow Jones Industrial Average up more than 1,200 points. The Dow's 5% gain was its biggest since 2009. Apple alone jumped 9%.
Behind the amazing surge? Traders are betting the Federal Reserve is on its way to the rescue. Unfortunately, not everyone thinks lowering interest rates will be effective when the problem is a global public health emergency, writes CNBC's Jeff Cox.
"The market's like a 2-month-old child," said Christopher Whalen, founder of Whalen Global Advisors. "Every time it cries, it wants to be picked up. Sometimes you've got to leave the baby in the crib."
There's no guarantee Monday's rally will hold, but CNBC's Tom Franck writes that the market is was indeed due for a big comeback eventually, given the history of sudden market shocks. History shows the gains have more to go. 
The Dow's stunning turnaround came despite early losses posted in pre-market trading. The yield on the 10-year Treasury hit another record low overnight, but it has also rebounded from its low.
Mohamed El-Erian, chief economic advisor at Allianz, told CNBC's “Squawk Box” that it's a market for short-term tactical buyers, but he does not otherwise advise buying the dips, as so many investors have been conditioned to do.
“If you are a long-term investor, I would wait," he said. "I think fundamentals are going to deteriorate even faster."
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