We continue to pick Industrials as our favorite sector in which to accumulate positions, but we're intrigued as the Consumer Cyclical sector comes back from its recent correction. Energy and Healthcare are trying feebly to come back from the dead, but it is too soon to start including them on the invitation list. We are also seeing some noted difference in the large-cap stocks versus the mid-cap stocks in particular sectors. For instance, it is large-cap Telecom stocks that are carrying the sector, while in Technology, the mid-cap stocks are doing well and the large-cap stocks are still not showing great strength.
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Don Hays & Nicholas Warf
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