The S&P 500’s road to 4700 seems less complicated

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.