As FBN Securities' Jeremy Klein notes, daily S&P 500 E-Mini volumes have climbed to an average of roughly 2.1MM contracts over the past week. This could be a problem... Rising volumes are often associated with market pullbacks When this metric < 2MM, S&P futures have climbed 496 points; when > 2MM, the E-Minis have dropped 355 points in 2014 Above this benchmark, the blue chip index has generated negative daily returns 77.8% of the time year-to-date And to add some spice to that rising volume concern, small capitalization shares have not underperformed by such a wide margin since 2007 * * * Klein concludes: I switched to a bearish outlook from September 10 with an expectation that small capitalization shares will underperform A neutral fundamental environment belies the optimism exhibited by the bulls especially with more restrictive monetary policy on the horizon Earnings expectations are far too effusive given the pace of the recovery Weakness overseas and a rising dollar limits growth for large multinational corporations