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Is this the ultimate stock-pickers market?

Financial traders at the Frankfurt Stock Exchange
Hannelore Foerster | Bloomberg | Getty Images
Financial traders at the Frankfurt Stock Exchange

Global stocks are suffering. The S&P 500 and the Dow Jones industrial average had their worst day of the year on Thursday, both ending down around 2 percent. Stocks remained under pressure Friday, with the Russell 2000 fell into correction territory. London's FTSE is now firmly in correction territory, down over 10 percent from its high in April.

In Europe, there is a similar picture, with the pan-European Stoxx 600 down over 9 percent in the last three months, not to mention China, which after Friday's close of 4.3 percent down on the Shanghai Composite, is now down 32 percent from its June peak.