Santoli's Thursday notes: AMC is now about crowd psychology and pinball among the trading machines

Traders at the New York Stock Exchange.
Source: NYSE

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

  • Modest pressure on the indexes early possibly related to the disorderly meme-stock machinations and a general lack of upside thrust for weeks has largely dissipated. It's a measure of how calm and unhurried the market has been that a blip lower of less than 1% in the S&P 500 felt momentarily significant.
  • Maybe Biden's reported concession on corporate taxes sparked the morning bounce, hard to say, but if so it's probably in the category of "let's not get too negative right now" trader reflex rather than a direct repricing of infrastructure/fiscal probabilities.

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