When examining uptrends and breakouts – specifically at inflection points (say, new highs for example), traders like to see the “right” stocks leading.
The good news, in this regard, is that small cap and mid cap “growth” stocks are now overtaking their “value counterparts. This is indicative of a strengthening risk appetite and possibly a wider belief in true economic recovery. For much of the first half, the rally had been led by the “bond-like” defensive stocks and large cap Old Man names. This changeover is welcome and speaks to a possible sentiment shift.
Here’s Stephen Suttmeier, the technical strategist at Bank of America Merrill Lynch, with a relative chart illustrating this positive development:

Source:
Bank of America Merrill Lynch
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