Mike Santoli's market notes: Digesting gains, buy Microsoft when in doubt, sucker's rally?

Facial mask seen on the fence of New York Stock Exchange on first day of reopening of trading floor.
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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.

  • Benign digestion so far after yesterday's little quarter-end buying flourish. The early rally attempt faded as some new-infection news grabbed a few moments of trader attention. But so had the overnight profit-taking impulse.
  • Market generated no downside follow-through beyond a 7% pullback over three weeks, which relieved overbought conditions, reset the average stock 12% lower and reinforced the wall of worry a bit. But fair to view the S&P 500 as in a trading range – not having proven much in the way of upside urgency. Last week's highs around 3150 are up 1% from here and would be a first step in hinting at some.