The stock market is soaring this morning. We've definitely hit a turning point. Yesterday, the S&P 500 successfully retested its January 23 intra-day low. The index fell to a low yesterday of 1272.66 which was just slightly above the January 23 low of 1270.05.

The important thing is that we held and we didn't make a new low. That set the bulls charging this morning.

Combined with the Fed's additional stimulus, this means that this is the time for conservative investors to reenter the stock market. I've been cautioning conservative investors to wait on the sidelines until the successfully retested its low, but now that has passed. Another factor that will help the bulls is that the Fed will give us a big rate cut next Tuesday.

If you're a very cautious investor, then you should start gradually reentering the market now and plan to be fully invested by early May.