2011 Schweser Mock - Morning Question 5 morning, correct, question, 2011

Iginla2010

[Before I start, I just want to say I'm totally burnt out from studying, so the answer to this is likely very obvious. I just need one of you guys to help me out here!!!]

For question 5 in the morning part of the 2011 Schweser Mock, the market is trending downwards. (Determined using S&P 500 figures given.) So how is the first part of 5C correct? Doesn't a CPPI strategy outperform all in a trending market?

AM: 63%
PM: 67%
Taking the next 12 days off to study. Hope I can punch in a win on the 4th...