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The Russell 2000 (small cap stocks) continues its descent down the US Market Cap Leader table (Line 67-70 Trends Tab of Matrix). They're in second place behind the Dow Industrials, but they're barely holding above 0%. Markets that fall below 0% are underperforming the S&P 500.
Why do we care about the small cap stocks, and defining the Market Cap Leader? Leadership defines the market backdrop. Dow Industrial leadership, for example, defines the capital flows as International Big Money driven (see computer output). International Big Money cares more about liquidity than earnings and long term growth prospects. The latest Russell 2000 Review why the growing underperformance in the small cap stocks is important and troublesome.
Couple the Market Cap Leader without other observations in the Matrix: (1) record low long term dividend cycles (long term dividend cycle table), (2) extended sentiment cycles, and (3) large number of gurus on the Internet telling us everything is ok despite the invisible hand’s obvious concerns and skepticism. Please study any of the Dividend Reviews, Sentiment Reviews, and recent discussions on the blog for better understanding.
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