Best possible retail print. 52-week high tagged to the cent. Rejected. $IWM opened 278.18, touched 279.79, closed 274.51. Bottom quarter of the range on a day small caps should've led up. Hot data steepens the long end. 10Y +4.8bps to 4.30%. ~40% of Russell names carry floating-rate debt vs ~9% for the S&P. That's the tell. The zombie cohort inside the index can't digest a curve that re-prices UP on good news. XLF -1.31% despite a 59bp steepener said the same thing at 10am. Now it's showing up at the high of the year. I think IWM tags 269 this week. Lose it and 258 comes quick. Reflation trade still real. Just a lot narrower than the tape admits. What am I missing?
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