The benchmark S&P 500 index is not really down by that much from its highs. The decline is on the order of 7%, which is significant, but not a massacre.
However, there are massacres happening in this market if you look at the right places, and especially if you look at some areas which are very economically sensitive.
Check out a chart of BP, which is getting hit by the double whammy of a slowing economy and falling oil.
We’re talking about a third of the company gone.
Or check out how severe the fall in the basic materials stocks have been.
Not quite as bad overall, but pretty brutal lately.
Or check out Morgan Stanley, which was behaving really worrisome last year.
That’s a fall of 39% from the recent highs.
For some international flavour, check out the 27% decline for Brazil over the last few months.
Bottom line again: If you’re just looking at the headline S&P 500 decline, you’re missing some real bloodshed in some key parts of the overall picture.