bb, I tend to agree, and I think the chart I posted does as well. On those charts I posted, for example, you can see that both the DOW and the indicator shot up together to the middle of March, then both dipped into the beginning of April. Then they diverge, with the DOW going back up to a double top while the indicator dropped quite a bit. This means that the RUT went up faster than the DOW during that period, me thinks. Thus the small caps are running...