The indexes are holding up here even as a lot of the hot sectors of last week are being hit quite hard. (I noted those groups were very overextended last Friday) Oil related, housing, metals, some financials, and transports are being hit especially hard this week thus far but you wouldn't be able to tell from the indexes. Meanwhile healthcare and consumer staples are taking the baton this week – these are defensive areas, but they are joined by biotechs which are high beta. So while the type of sectors are more defensive in nature this week, the fact that money is trying to rotate into new areas is more constructive than the action we saw in June and July when it was either "IN" or "OUT" of the market on a 3-7 day basis.
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