![](http://img.zonebourse.com/stock/cap.png)
Bonds are bid, oil is fading lower, cyclical equities like small caps are underperforming large cap peers, and the big-tech seems immune. Nasdaq outperforming by 160bps over small caps today clearly indicates that deflation’s bets are rising / coming back onto the field.
Produced in partnership with The Bear Traps Report / Bastien Chenivesse