Small-cap stocks lead a rotation traders did not see coming
The narrow rally finally widened.
The shift did not happen overnight. It accumulated in quiet decisions, small wins, and a handful of unglamorous fixes that no one tweeted about.
The decision-makers involved insist nothing is settled, which is exactly what decision-makers say when something is starting to settle.
What makes this moment unusual is not the size of the move but its shape. The curve bends in a way that resists easy analogies.
Whatever happens next, the baseline has moved. The old assumptions no longer describe the room they were built to describe.
Outside the room, the response has been faster, messier, and considerably more interesting.
A small group of practitioners has been arguing for this approach for years. They are doing their best not to look smug.
