A warning signal from small cap stocks

A research note by Lowry's Corporation highlights the dramatic way in which small cap shares have underperformed their bigger brethren this year, reversing a longstanding trend that can be traced back as far as 1998. (The trend was broken for a few months when the 2008 financial crisis broke, but it soon resumed). Markets reverse course all the time, so what is special about this particular change in trend? The answer is that it may have something to say about the durability and vulnerability of the current bull market in equities.

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