POP QUIZ: How Far Has The Market Now Fallen From In This Selloff?

Think we’re in “correction” territory.

Think again. Even with today’s bloody mess of a market, the S&P 500 is only down a meager 3.8% from its recent high of 1370. That’s nothing, considering everything that has been thrown at it.

All that being said, there has been a big-time shift from “cyclicals” into defensives.

The Morgan Stanley cyclical index is down 6.5% from its high of 1134 made in late April. Also, large caps have generally fared better than small caps, as the Russell 2000 is down 6.2%.