Santoli’s Thursday market notes: The corrective action we’ve been waiting for is happening now

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

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

The morning bounces have been a bit technical and mechanical, as is often the case after a little volatility flare-up, traders testing out demand at levels that were sliced through a day earlier to see if the "nothing's really changed" crowd is there to buy the dip. So far this year, this process has played out a few times.

A month ago this was the set-up: The S&P 500 was up 11% YTD and sat 16% above its 200-day average, pretty stretched. Investor allocations were near record highs in equities. Earnings were about to come in phenomenally strong, but the market already "knew" this. Gauges of economic acceleration – ISM, retail sales, etc. – were peaking.

 

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