I just looked at a chart of the Russell 2000.

This index shows 2000 small cap companies, mostly US based. That’s a lot of companies.

This index is now currently BELOW where it was not only before Covid, but even its highs from 2018:

The reason why this is such a big deal is the following:

• How much stimulus has been printed?

• How low were interest rates?

• How much has GDP grown?

• How much has changed in just the last 3 years?

And yet, this index of 2000 small cap companies, is still BELOW where it was before any of it ever happened.

I am in a difficult situation wondering whether or not this is totally maniacal, and an incredible dip opportunity. I mean, we all know how much people freak out in markets. It always happens. And yet, at the same time, I have to wonder if things are so bad right now that it indeed does make sense for this index to trade so low. By the way, both the S&P 500 and Nasdaq-100 are about 5-10% away from giving back all of their Covid gains as well.

Who knows. Will update this soon.