Mike Santoli's market notes: Bonds endorse stock rally, S&P level to watch, investors too bullish?

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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 sticks to the seasonal script – holding November's gains, progressing in a slow grind rather than a vital burst. Big Nasdaq names that rested for three months have perked up, the bond market is endorsing the rally with a steeper Treasury curve and tighter credit spreads and volatility continues gradually to re-approach "normal" levels.

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