In today’s briefing:
- Small Caps Outperform Despite “Hot” Inflation Reports; Equal-Weighted S&P 500 Breakout
Small Caps Outperform Despite “Hot” Inflation Reports; Equal-Weighted S&P 500 Breakout
- In spite of last week’s hotter-than-expected inflation reports, the Russell 2000 (IWM) outperformed relative to the SPX and QQQ, and ended the week at YTD weekly closing highs.
- The fact that small- and mid-caps outperformed during a week with two hot inflation reports is a sign we could see more outperformance in the weeks/months ahead.
- Adding to the risk-on theme, the DXY displays a false breakout at $104.60-$104.70. Our bullish outlook that we have had since early November 2023 remains intact.
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