Traders work on the trading floor of the New York Stock Exchange.
This is Mike Santoli’s daily notebook, CNBC’s leading market commentator, with ideas on trends, stocks, and market stats.
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- A partial reverse of the big reversal trade, with the big growth stocks bouncing off and flattering the indices as the majority of stocks catch their breath.
- Closed bond market means that yields cannot tick higher. This relieves the growth complex of the psychological and systematic trading pressures. The increase in value versus growth, small versus large, cyclical versus defensive, had also become somewhat extreme in the short term.