(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) An upbeat but not-quite-euphoric market response to the Fed cutting rates into a firm economy , while projecting at least a bit more rate relief to come. While all indexes are clicking to record highs, the benchmark S & P 500 was off its highs and not far above Wednesday's peak, while the high-torque rotation into textbook rate-cut beneficiaries ( small-caps , financials and lower-quality stocks) kickEDs in. Market breadth is fine but nothing special, the tape having maneuvered itself into roughly the correct spot by the time the expected quarter-point cut came. Chances are the rotation would've been even more stark to the disadvantage of the overboug

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