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Over the last week, the S&P 500 is up by about 1%, however this is masking weakness under the surface as shown by the Russell 2000 which is down by 1.8%.
Of course, this is a change in behavior from the last couple of months which was marked by outperformance in small and mid-cap stocks which dominate the universe of stocks under $10. But it is similar behavior to what we have experienced for the bulk of 2021 – strength in large caps while small and mid caps are range-bound.
