Mike Santoli's market notes: Dow 30K eye-catching moment, but greed is running high near term

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.

  • The Dow is up 5.5% year to date. Over the past five years, it has gained around 10.5% annualized, right around the long-term yearly average return. What's everyone so excited about?
  • Fine, Dow 30,000 is an eye-catching moment to reflect on the market's powerful eight-month comeback and how investors have almost fully shed the anxieties and timidity of just one month ago, when the approach of a contentious election and unmapped path of the virus had most people preferring to stay defensive "because of the uncertainty." The market action lately shows that investors often pay a price for waiting for the obvious uncertainties to clear, and greater return accrues to those willing to shoulder risk when things seem dicey.

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