IWM Lagging Is Mildly Concerning

Today's blast up is nearly uniform.  This was after the first down week in over a month.  As I like to speculate, small caps lead big ones into the next up cycle.  So I've been paying special attention to IWM.  IWM was one of my last purchases on the way down because the smaller guys usually crash further and longer than the defensive names.  But what goes down, must come up.  Everything played out according to plan with the exception of the last downturn.  I expected that with the mid term trend being up and the short term trend (i.e. last week) being down, that the IWM may outperform (lose less) than the bigger boys.  Not so.

Here's the perf of IWM vs. SPY month to date.