Mike Santoli's market notes: Bull market maxims, record economic surprises, a broad rally

  • Not to make too much of the past 27 hours of market action, but several maxims about bull markets come to mind: They don't let you in comfortably, dips are brief and shallow, modest good news is celebrated and the threshold for bad news to sting is high.
  • Dial back and see a sharp 8% pullback over four trading days into Monday morning, and have quickly recouped more than half the loss. Looks in retrospect like a classic shakeout after an overheated run, enough to give pause to the speculative rally chasers in the options market but seen by lightly positioned investors as a chance to grab more exposure.