A stock trader wearing a mask walks near social distancing signs the day a new IPO is launched at the New York Stock Exchange as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on August 27, 2020 in New York City. The fourth phase allows outdoor arts and entertainment, sporting events without fans and media production.
This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.Finally a real flush. The selective correction hitting only the over-excited growth stocks that "had it coming" has broadened to sweep up the broader list and hit the recovery plays. Profit-taking has spread to loss-avoidance against a news backdrop that feels like "too many hazards to process all at once.