Mike Santoli's market notes: Firm but sideways, stimulus ahead, VIX under 25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020.
Lucas Jackson | Reuters

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

  • Narrow rally led by the old favorites pushes the S&P above the early-June highs. Was four-and-a-half days in the wilderness for the Nasdaq 100 enough to cool it off and have buyers regroup? Was last week yet another abortive rotation toward value/cyclicals? Or are we seeing just noisy midsummer Monday trading in a market that has been firm but sideways for six weeks?