Many investors are wondering if the recent outperformance of the S&P 400 and the S&P 600 (i.e., the "SMidCaps") and the equal-weighted S&P 500 reflect a sustainable broadening of the bull market. Or is it a temporary rotation out of the Magnificent-7 into the S&P 493 and the SMidCaps? For now, we're in the camp that breadth is broadening to the S&P 493, but we're not convinced that the SMidCap rally has legs. Here's why:
