Mike Santoli's market notes: Record highs in sight, this is how bull markets act, junk bonds rally

The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, October 2, 2020.
Carlo Allegri | Reuters

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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.

  • Indexes have the old record highs in their sights, as bulls view the market as a heads-I-win/tails-you-lose proposition.
  • Stimulus would accelerate an in-motion economic recovery and reinforce cyclical-stock leadership (or so goes the argument). Delay in stimulus plus Biden win means a bigger fiscal push within months. Meantime, on days with dimmer stimulus hopes, the old Nasdaq favorites can rip toward their once-daunting late-August peaks.