Hi Gilead, I believe that the increased efficiency in the microcap market is the direct result of MORE pros in the market. It's not just us fly-by-niters anymore, so it's much harder for people on this board to find the fast-growing value microcaps early (as was the case a year or so ago).
There may be more followers of the IBD "hot performer" lists as well, adding momo players to the mix when a microcap has begun a strong move, particularly when making a strong move and closing the week above $15.