Leadership held. Breadth did not. Since Sep. 1: QQQ +4.73%, SPY +0.71%, IWM -3.07%. The index is up. Small caps are down. That is leadership, not broad participation. Data: Perplexity Finance OHLCV, closes through Sep. 24, 2026.
September 1 through September 24, 2026 total returns for QQQ, SPY and IWM.

ALT September 1 through September 24, 2026 total returns for QQQ, SPY and IWM.

Sep 25, 2026 · 1:40 PM UTC

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Replying to @leadlagreport
Small caps lagging usually shows up before the bigger indexes feel it.
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Replying to @leadlagreport
You have been quiet on your reverse carry trade unwind timeline call huh
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Replying to @leadlagreport
$QQQ up almost 5% since Sep 1 while $IWM is down 3% is not a healthy tape. It is a handful of names carrying the index. $SPY barely green is the same story in slower motion. Leadership can keep working. It just means the average stock is already in its own market underneath
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Replying to @leadlagreport
The S&P is weighted by size, so a few giants can lift it while most stocks go nowhere. $IWM down 3% since Sept 1 is what the rest of the market thinks. A rally that leans on a few names has nothing to catch it if they slip.
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