Bull market in smaller US companies going unnoticed

Everyone believes they know the direction of the US equity market over the past 18 months ' a gradual downward slide. Since the heady days of the bull market in early 2000, the S&P 500 Index has come off by almost a third and received wisdom is that things are not getting any better. This hardly seems to be a compelling investment proposition. Of course, this is not quite true. The market seems to have stabilised at the levels seen in mid-1998, before the technology bubble began to inflate. It is certainly down by about 5% since the start of the year but has still rallied by 13% from the ...