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SMLL - U.S. Equity Underperformance Is Just Beginning
Direxion Daily Small Cap Bull 2X Shares
In early August, we noted how the depreciation in the U.S. dollar was a precursor to long-overdue U.S. equity underperformance. In the weeks following, we saw U.S. stocks rise to new record highs both in absolute terms and relative to the rest of the world, hitting a staggering 67.2% of the MSCI World - a full 8 percentage points above the prior peak seen in 2001. Since peaking on September 2, however, we have seen a dramatic reversal. The technical picture, prevailing market sentiment, and valuations all now align for further U.S. underperformance. The fundamentals