Afternoon Update – Recession Trade

3:39 p.m. ET The slow slog of S&P > $3800 has been led by the mega-caps, apparent in NASDAQ-100’s outperformance, and short covering in the Most Shorted Index of stocks – apparent to a lesser degree in Small Caps’ better relative performance. SP-500 -0.05%, Dow -0.55% (Dow Transports -0.6%), NASDAQ-100 +1.6%, Small Caps +0.4% SP-500…