Rise and shine everyone.
It’s a quiet morning with not much by way of macro data on the cards today.
Markets rallied across the board yesterday with the Russell 2000 small cap index taking the lead. Within the small caps, value is taking the marginal lead with the IWN closing +1.33% vs the IWO closing +1.28%.
I do see this as the rally broadening out and there could be some actual buying here, fueled by the market trying to front-run the prospect of lower rates. Much of the short covering is also declining, suggesting that these moves may be more sustainable and less the cause of a squeeze. (See Chart of the Day).