Daily Report : Nearly a third of small-caps are losing money; Big momentum in the big indexes

The forward price/earnings ratio for small-cap stocks is at a 25-year high. Part of the reason is uncertainty surrounding fundamentals, not helped by the fact that nearly a third of stocks in the Russell 2000 are showing operating losses over the past 12 months. That high of a percentage of money-losers has only been seen twice before in 20 years.; Major indexes like the S&P 500 and Nasdaq Composite have enjoyed 5 straight days with big gains. That's among the longer streaks in these index's histories. For the S&P in particular, it has indicated buying exhaustion, with generally poor returns over the next 1-3 months.

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