While we may have seen the biggest and fastest drop from an all-time high in history, we still haven't seen capitulation selling in US stocks. Capitulation will come when there is a mass unwinding of positions in the megacap, momentum, growth and speculative names that dominated the market from 2016-2020. So far during the current crash, as we will see, these most favored stocks have shown accelerating relative performance versus the rest of the market. During the bull market, they outperformed massively to the upside over a protracted period of time and since this new