- "We are getting increasingly concerned about the extended nature of small-caps," writes MKM's Jonathan Krinsky, noting the Russell 2000 as of last week closed 42% above its 200-day moving average, the most in four years. A check of the records over the last 30 years when the Russell's been more than 40% above its 200-day finds forward returns 90 days out to be negative 94% of the time, with an average decline of 7%.
- He notes biotech makes up about 5% of the Russell 2000 and that sector's rally seems particularly unsustainable.
- Small-cap ETFs: IWM, IJS, TZA, TNA, UWM, VB, IJR, SLY, EES, RWJ, VBR, VBK, URTY, SCHA, TWM, IWO, IWN, IJT, RWM, SRTY, DWAS, SAA, JKL, VTWO, SLYG, RZV, SLYV, SDD, VIOO, JKJ, RZG, RSCO, SBB, VTWG, UKK, FYX, TILT, VIOG, XSLV, FNDA, VIOV, SKK, FYT, EWRS, JKK, PXSV, VTWV, UVT, TWOK, SMLV, SJH, FYC, IESM, VLU, PXSC, PXSG
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