In comparing the year-to-date sector performance for the S&P 500 to that of 2016, the 2 most striking developments is the reversal in energy stocks from best performer in 2016 to the worst so far this year plus the sharp rebound in healthcare stocks from the worst of 2016 to the 2nd best in heathcare. If utilities are seen as defensive stocks, then why are they are in the top 3? How about technology — the top performer of the year is being manifested in NASDAQ's clear outperformance (+12%) of the S&P 500 (+5%) and DOW 30 (+6%). Technology overtook heathcare about 1 month ago. But have you seen the NASDAQ chart lately? Lower highs since late July. Keep these relative performance issues in mind.