Well needless to say, small-caps have been on one helluva run of late.
The Russell is up more than 6% this month, marking a stark contrast with the S&P’s relatively meager gains and a testament to the notion that the “Trump trade” isn’t dead after all.
So have we come too far, too fast? Well, who knows.
But as Bloomberg notes this afternoon, “the Russell 2000’s rise to another record high today has pushed up the 14-day RSI to 82.2, the highest since June of 2003.”
So is that good news or bad news?
Hard to tell, right?
Or it means the sm caps don’t give a sh*t whose in the top job and are getting infused with bond $$$’s.