Traders work on the floor of the New York Stock Exchange.


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

  • Market continues to quietly, sluggishly cool off. Best case the past two weeks can be viewed as a needed consolidation of the mad sprint higher that started Oct. 30.
  • At the index level, moves are muted, growth/stay-home stocks catch a bid as cyclical/reopening names give back some gains. The effect is a bit of a tightening coil, an indecision pattern in the S&P 500. Still say we can drop another 2-3% and have it be a pretty bland and routine pullback, but not a trend-changer. Some look at the four straight upside gaps early in the month and think the market could test short-term bulls by “closing” them. This often happens but certainly not always.

Originally published at CNBC

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