Is the risk trade still on?

I believe small cap stocks have seen their peak. Yes, there could be more upside; however, small caps are now lagging the broad market. This is a sign that market participants are starting to shy away from risk. Combine that with the 82:1 recent insider selling to buying ratio and you have the recipe for a market top. I would be weary of new long positions at this point.

Russell 2000 Small Cap Index

Dow Jones Industrial Average