"The dynamics of this market are changing. The definition of this new uptrend that's developing is that pullbacks should be shallower and shorter lived and and the upswings should be stronger," said Ari Wald, technical strategist at Oppenheimer. "I think this is a market where global equities are breaking out across the board. It's not just the U.S. large cap growth anymore. It's U.S. broadly, and now small caps, a big breakout in the Russell 2000 today.
Frank Cappilleri, head market technician at Instinet, said the move in small caps was a positive, but the gains will need to hold. Cappilleri said just a third of the S&P 500 are at or within 3% of all-time highs, and a broader range of stocks need to join the rally so small caps are a welcome addition.
"I think it's bullish because this has been a lagging group and they're finally breaking out," said Sohn. "If you were to look at what's helping this move, it's a sharp acceleration from biotech stocks. That's the second largest weight in the Russell 2000."
The 1% Dude's will go down with the ship. The Don says let the 98% eat cake!
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