Small-cap stocks have gained in recent weeks with theRussell 2000outpacing other major indexes.

A market strategist thinks the make-up trade is just beginning and there is more room to run.

What Happened: For several months,Freedom Capital MarketsChief Global StrategistJay Woodshas been suggesting there could be a make-up trade of small caps with the Russell 2000 index underperforming the S&P 500 and other major indexes.

In an interview with Benzinga, Woods asks "What took so long?"

Woods said as a market technician, he saw lots of consolidation in small caps and knew the Fed...