Mike Santoli's market notes: Taking off the 'blue wave' trade, rotation in reverse

Traders work on the floor of the New York Stock Exchange on Nov. 4th. 2020.

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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 market was not exactly blindsided by a tight election and slow vote count, but chances for a "Blue Wave" and immediately expansionary fiscal programs were a bit mispriced heading into Election Day. The action today consists almost entirely of retracting those bets on big fiscal energy and "reflation."