Santoli’s Thursday market notes: The S&P 500’s road to 4700 seems less complicated after a recent shakeout

Traders work on the floor of the New York Stock Exchange (NYSE) on October 25, 2021 in New York City.
Spencer Platt | Getty Images

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

  • Quick reversal of Wednesday's jagged shakeout in the majority of stocks, sharp pullback in value sectors and oddly poor market breadth, which all seems to have been a response to short-term overbought conditions combined with whippy bond-market moves.