BeSpoke has an interesting post up this afternoon showing that while the average stock in the S&P 1500 is off 30% from its highs, the index as a whole is only off 12%. What this implies is that the biggest, most well known, most popular stocks, which drive the index because it is market capitalization weighted, are holding up best. I wonder how far non-financial, mega cap names are off their highs?
Stocks like Apple (AAPL), Google (GOOG), McDonald’s (MCD) haven’t really been hit too much yet. But they will. They’ll be the last to go. But when they go, they’ll go hard.