Your 6 month chart does not even begin to do the small caps justice. There is no loss of leadership when you look at the 10yr chart below for $RUT:$SPX, in fact it looks just like the $SML:$OEX you laughed at. You could have said the same thing over a selected 6 month period of every year since 2000 using the chart below, but in the end, the $RUT continued to reign supreme. Until the 20ema crosses below the 200ema, the $RUT will still be very much in favor. It is funny how the financial media can spread lies so easily, and the average Joe investor eats right out of their hands!