During periods of steep market declines, a stock with strong price strength relative to the market can still be falling, just not as quickly as the overall market. (aaii.com)
Though steep market declines tend to be indiscriminate (with even defensive stocks often acting as if they have a beta of 1.0), we recognize that «risk on» days can also be very uncomfortable when defensives lag the market and our hedges bite with full force. (hussmanfunds.net)
The prospect of steep market declines worries investors — and the month of October has a particularly bad reputation in this respect. (acting-man.com)