Since the beginning of April the defensive sectors such as Healthcare have outperformed the more cyclically exposed sectors such as Technology even while the S&P 500 was lifted to fresh 2011 highs.  

While that's an unusual occurence, dwelling on past facts is useless.  The more pressing question is what this could mean going forward.  I think today's payrolls date could be a piece an important clue to whether the SPX makes another run higher or is just about out of steam here.  Good data coupled with further easy money policy expectations could give us another lift.  Bad data and a general view of a slowing economy might put a damper over the current party mood.         

With commodities plummeting left and right however one additional little nugget of information is to be considered.  Will lower oil and commodity prices be viewed as equity positive or negative?  
 
 
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