Mike Santoli’s market notes: Payback phase, unimpressed by earnings beats, megacap growth weak

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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.

  • Stocks still in a mild payback phase after three weeks of gains turned investor attitudes and positioning a bit too aggressive. S&P 500 came into the week a bit overbought, up 300 points (or >9%) since the Sept. 23 low, with traders having gone from irrationally fearing the election to deciding it would be bullish no matter how it turned out.