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.

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.