Here we can see that stock index performance thus far in 2010 has been quite mixed. Small cap issues in the U.S., as represented by the Russell 2000 Index (IWM; above) have outperformed the S&P 500 Index (SPY), but both are up on the year. The NASDAQ 100 Index (QQQQ) thus far is flat on the year.
Interestingly, however, all the U.S. indexes have outperformed Europe, Australasia, and the Far East (EFA) and emerging markets (EEM). With firmness in the dollar, strength in U.S. Treasuries, and relative strength among U.S. stocks, it appears that, for now, the U.S. is acting as a relative safe haven for global investors.
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