The R2000’s current rally off the post-Liberation Day low is running 6% above its average bull market rally which favors near-term consolidation. Given what’s leading and the type of market we’re in (we’re thinking Semis here), we may be at a late ’99 type environment where the final three months’ gains were staggering leading up to the ultimate Mar ’00 Internet Bubble peak. There could be relative pain on both sides of the parabola: laggards may continue to lag on the way up, while today’s leaders could be vulnerable once the rally exhausts itself.