It looks like I got lucky with the timing of my post this morning about how ridiculous the valuations of defensive stocks are. The utilities, consumer staples, healthcare and REITs all closed lower on the day even though the market was solidly higher. The hiding spots were blasted while the laggards led the way. I think this might be the beginning of a rotation out of safety.
The market is now overbought so I believe that the odds favor the bears for the balance of the week, although tomorrow is more of a coin toss. Have a good night.