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Editor's note: This is an excerpt from Hedgeye morning research. Click here for more information on how you can subscribe.

The Russell 2000 is down almost -2% in the last 5 days, but the world’s consensus hedge (SPY) isn’t down (yet), so no worries.

Right?

Small Caps Are Getting Smacked Around Again? No Worries! Right? - ben

From both a liquidity and volume perspective, this is simply a rewind of the movie you saw in late September (decelerating volume on UP days for SPX). For the record, total U.S. Equity market volume was down -26% vs. its 1-month average yesterday.

In other words, tread carefully. Mr. Market may be about to high-five your face.