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Mike Santoli's market notes: Breaking down the sell-off, trading rule of thumb for playing defense

Traders work on the floor of the New York Stock Exchange.
NYSE

This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

  • The rampant herding into and out of and back into the viral meme short-squeeze stocks is extraordinary and will probably continue in some form in whatever corners of the market it migrates toward next. And, yes, the action has knocked loose big-cap institutionally backed stocks as managers trim back risk in a less obedient tape and account for idiosyncratic volatility eruptions.

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