Mike Santoli's market notes: Summer sideways phase, banks get relief, Spotify the next Netflix?

The footing is soft but the market remains upright for now and trying to move ahead. The indexes idling after yesterday's little shakeout, which is best seen as part of a pullback/digestion that began two-and-a-half weeks ago, when the S&P's rebound rally peaked, confidence in an easy reopening swelled and stocks registered an array of overbought extremes.

Nothing about yesterday changed that set-up – most stocks retrenching from early-June highs, the cumulative effect of rising Covid cases weighing on cyclical/retail/travel stocks and the monster-cap Nasdaq leaders needing a rest after a rare upside streak.

Pro The whole world will avoid the USA like the plague because we have no leadership on the virus from the top. States are starting a civil war. Main St is dying not the Fed Main St. Restaurants are closing daily.

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Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead?New for subscribers: Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead? Check out CNBCPro for a free trial. Pro Like this honest kind of headline. Pro More like massive crash ahead. Worst bubble ever just waiting to burst and cause financial ruin.
Source: CNBC - 🏆 12. / 72 Read more »

Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead?New for subscribers: Mike Santoli's market notes: Stocks levitating, ridiculous Navarro flash crash, resistance ahead? Check out CNBCPro for a free trial. Pro Like this honest kind of headline. Pro More like massive crash ahead. Worst bubble ever just waiting to burst and cause financial ruin.
Source: CNBC - 🏆 12. / 72 Read more »