Small caps as pricey as rest of market


"The small cap valuation story has also deteriorated a bit," writes Credit Suisse's Calvasina and Mahaffy, noting the relative ratio between small caps and mid caps has gotten back in line with the long-term average.

A bigger issue though, is absolute valuations - small and mid cap stocks have become overvalued relative to large caps which themselves are overvalued.

Bottom line: The entire equity market has a valuation problem and the valuation of small and mid caps is little better or worse.

Small cap ETFs: IWM, VTWO, EWRS, SRTY, TWM, RWM, TNA, URTY, UWM, TZA, SMLV, TWOK.

Mid-cap ETFs: SCHM, RWK, FNX, MDY, IJH, VO, VXF, JKG, IWR.

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