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NYSE

This is the daily notebook of Mike Santoli, CNBC’s senior markets commentator, with ideas about trends, stocks and market statistics.

  • On a day dominated by DASH, the broad market dawdles. Things have slowed quite a bit, the S&P lolling around the 3700 mark for the past four sessions on modest volume. Hanging around record highs is not a bearish state, and a rest can be as good as a retreat to refresh a rally.
  • So even if things still look over-extended and ripe for some sort of pullback (S&P 500 still 16% above its 200-day average, a level after which further immediate gains tend not to be lasting), nothing is assured. Always worth recalling Peter Lynch’s line that more money is forgone by people anticipating corrections than is lost in corrections themselves. That can’t be quantitatively proven but it feels broadly right.

Originally published at CNBC

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