Mike Santoli's market notes: Fast collapse in volatility, no market breakout yet, broader rally

U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020.
Kevin Lamarque | 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.

  • Fourth-day of a furious rally heading into a Fed decision: The Big Squeezy meets the Big Easy.
  • The "squeeze" here is the sudden, almost forced-seeming rotation out of the "Blue Wave/reflation" positioning and back into a "policy stasis/scarce-growth" posture. Compounded by "grabby" retail-trader buying as the mood swings from FOLO to FOMO.