Mike Santoli’s market notes: Routine decline, S&P can't top Nov. 9 high, Tesla gets the nod

Traders work the floor of 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.

  • A somewhat overheated and stretched market cooling and relaxing a bit. Indexes entered today overbought on a few measures, investor sentiment getting aggressive. All in the context of a strong uptrend, breakout to new highs and sturdy credit conditions, so for now the modest decline seems pretty routine/benign.