The right sectors aren't leading this rally



There is a theory that the stocks which lead a bull market should not be leading when we emerge out of a bear market. That might be a worry now since some of the big tech stocks have rallied hard over the past month. But defensive sectors have been the biggest gainers lately, which is different from the sectors leading the bull market. And they're the kinds of sectors that typically led out of "false" bottoms, not "true" ones.


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