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. Subtle resilience in equities in recent days has emerged more clearly as a fuller rebound attempt. Stock indexes have put in a pattern of late-day strength overcoming early weakness, what appears a "higher low" being formed on the S & P 500 chart and an appetite for returning to wounded growth stocks.
True, the market wants to look ahead and through to the end of this hiking cycle in coming months, while the Fed needs to see the actual inflation numbers cooperate. Yet it's possible markets have repriced enough to allow for all of this for now. If making a pro/con list for the market, sentiment is definitely a pro – though this is more context than catalyst, the precondition for a recovery rally than a timely promote for one. One-year average bullish AAII readings now near record lows.
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