Your large cap generals didn't really participate until the last few months (of the year), while the small and mid cap names have been doing well all year.

We came into the year with some selling pressure, we saw a bounce back for two days, and now we're seeing a pullback.

We've gone from feast to famine in this market. We began the year on a defensive tone (and moved to) a reversion back to tech and telecom.

We've gone from feast to famine in this market. We began the year on a defensive tone (and moved to) a reversion back to tech and telecom,

Hedge funds are heavily weighted towards the small and mid-cap end of the market. With flows to hedge funds being the same order of magnitude as flows to mutual funds, small- and mid-caps' strong performance is no surprise.

Looks like the dead cats aren't getting as much of a kick as we were looking for. We're seeing a month of consolidation in a historically challenged month of September.