Mike Santoli's market notes: Cyclicals leading, small caps at key level, election wall of worry

A trader walks by the New York Stock Exchange.
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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.

  • The cyclical-recovery tune in heavy rotation in today's market. It's a cleaner story than yesterday's rally, when an eclectic (not to say indiscriminate) leadership profile made for an ambiguous message. Big growth stocks under pressure today, the Nasdaq 100 down 1%, while the industrials, transports, financials and consumer cyclical groups gain.