Although U.S. stocks are cheaper than they were last week, they are still far from cheap.

After three straight days of 1%+ drops, the S&P 500 finally hit extreme oversold territory yesterday by moving more than two standard deviations below its 50-day moving average.

Despite this recent pullback, the outperformance of mega-cap stocks has been one of the most analyzed market themes of the past year, leading to severe underperformance of the small size factor.

All of that debt will have to be refinanced. That’s a big problem for debtors who face much higher interest rates to borrow money on buildings with much lower values.

Stocks are higher as the market rebounds from a staggering global selloff.

Judging by the current numbers, the US expansion almost certainly endures.

Although the data for lending to both large and small firms was negative, it was less negative than at any point in the last two years, with on net only 8% of banks tightening.