Russell 2000 VS S&P 500: August 23rd, 2007

The log-return of the S&P 500 today outpaced the Russell 2000 dramatically in a fashion only matched 6 times over the last year.  Assuming similar conditions, it is likely to be the case that shorting the S&P 500 tracker SPY and going long on the Russell 2000 tracker IWM would be a profitable strategy.