Cyclicals have taken over the lead from defensive stock over the past two weeks. The tech and consumer discretionary sectors are up more than 5% during that time while the core defensive sectors - real estate, consumer staples, utilities and healthcare - have lagged badly. The rally is mostly trade-fueled which means these gains are tenuous at best. Watch for trade rhetoric to drive the market narrative more than earnings, GDP or any other economic data.
SPDR S&P Dividend ETF (SDY) - Broadly speaking, dividend payers have lagged the S&P 500 for most of 2019