In a follow up to our previous monthly commentary1 and recent strategy bulletin,2 we updated our charts of the sectors' relative strength versus the S&P 500.
As we noted, the traditional "cyclical" sectors were strengthing after the market pullback in April.

Many of the "defensive" sectors peaked in the same time frame.

Analyzing the price change from the beginning of the year to 4/18 and from 4/18 to current a similar trend emerges.

1 "Reminiscences Newsletter". Birinyi Associates, Inc. June 2013. pg 3.
2 "Cyclicals Gaining Momentum?". Birinyi Associates, Inc. 5/8/13. 10-S-53.