One more way to look at the question of flight to quality besides (DOW vs VMI/R) or ($5> stocks vs <$5) is to look at the (wild card vs non wild card).
SSK began keeping this stat in PSL3. In each contest the non wild card index out performed the wild card index, however in the two "bad" markets (last summer and this), the wild card index got hammered by the non wild card index.
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