The Reversal Arrives: Record Russell Calls Bought As Small Cap Frenzy Begins

On Friday, following the blowout jobs report, we observed a remarkable reversal in the surging - until now - tech/small caps ratio (represented in this case by QQQ/RTY), and asked if the blowout in tech names (at the expense of small cap) was finally over, and if it was small caps' turn to shine.

Did the QQQ/RTY trade peak pic.twitter.com/hEljxZ7aqt

— zerohedge (@zerohedge) June 2, 2023

The answer, just two days later: a resounding yes.