Although semiconductor Bloch equations have been widely used for decades to address ultrafast optical phenomena in semiconductors, they have a few important drawbacks: (i) Coulomb terms between free electron-hole pairs require Hartree-Fock treatment which, in its usual form, preserves excitonic poles but loses biexcitonic resonances. (ii) Solving the resulting coupled differential equations imposes heavy numerics which completely hide the physics. This can be completely avoided if, instead of free electron-hole pairs, we use correlated pairs, i.e., excitons. Their interactions are easy to handle through the recently constructed composite-exciton manybody theory, which allows us to analytically obtain the time evolution of the polarization induced by a laser pulse. This polarization comes from Coulomb interactions between virtual excitons, but also from Coulomb-free fermion exchanges, which are dominant at large detuning.