Mike Santoli’s market notes: Stocks pass sell-off test, Tesla a non-event, vulnerable to air pockets

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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.

  • Not even a proper haircut for the market that had grown a bit wild a woolly – just a little off the top. In a reversal of the recent pattern, we got a pre-opening sell-off originating overseas and then buying right from the U.S. open. Probably best viewed as a little test of excessive bullishness and possible buyer's exhaustion courtesy of some European virus/shutdown news, not yet a thorough re-evaluation of the bullish thesis.

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