The Russell's Ever Increasing Beta
The attached chart demonstrates just how much of a ramp the Russell 2000 has experienced in terms of its market beta since the March lows. A pretty convincing demonstration of just how many junk stocks have been purchased, most of them on forced short squeezes, which have in turn pushed the marginal buyer to be much less discriminate in lifting any and all offers, thus driving the overall market.
In summary: the IWM's beta Since March 6 has been 1.3, while its long-term beta has traditionally been about 1.09. Assuming the rules of mean reversion every apply, expect to see this increased beta translate into a more aggressive sell off once the former occurs (if ever, bizarro years are the new bizarro days).