The S&P 500 Index has surged 5% so far in October after sinking 7% in September. Greg Woodard, senior analyst at Manning & Napier (MN), said investors can feel secure that this is not a 'bear-trap.' 'None of the indicators suggest that a bear market is on the near term horizon and we would use volatility to really upgrade your portfolio,' said Woodard. 'Look for companies where fundamentals or improvements in fundamentals are not directly tied to the economy. So we think this is a constructive environment to operate in.' Woodard said investors should expect further gyrations in equity markets heading into 2016 due to catalysts including geopolitical risks, diverging monetary policies of major central banks, commodity price pressures, and the potential that global growth deviates from expectations. And while a choppy market may unnerve investors, Woodard said over the last 20 years, the top-performing days for equities occurred during periods of heightened volatility. Regarding the less than stellar third quarter earnings reports from money center banks JPMorgan Chase (JPM) and Goldman Sachs (GS), Woodard said he had concerns in the financial sectors due to stepped up regulations.