Rotation bonanza or not, but the latest melt up in small caps has been extreme. Everybody trying to do the same trade in a matter of a few days does not work. Another misconception among many is that small caps space still is a laggard, which is totally wrong.

IWM was leading SPY from March lows even before this last ramp up, but people love narratives and not facts (chart 2).

Small caps is stretched here and there are definitely better alternatives than chasingex dogshere.