By Ian WyattNEW YORK ( TheStreet) -- Did you know that just three trading days ago, on Jan. 19, the Russell Small Cap Index was within 6 percentage points of its all-time high of 855? Surprised? I would think so. Given the severity of the recent recession, it seems that stocks have defied gravity to roar back to such lofty levels. Take a look at the five-year chart below and you'll see what this rally looks like in a historical perspective. A quick look at this chart, and the perspective that small cap stocks were so close to breaking out to an all-time high, might make you think that stocks are wildly overvalued. The market certainly thinks so, as small-caps have fallen 4.3% over the last three sessions. In fact in some cases stocks are wildly overvalued, and to be perfectly honest I wouldn't rush out to buy an ETF right now that tracks any of the major indices. Chances are this will be dead money, and the risk-return potential doesn't justify that type of investment right now.