S&P 500 Performance Since March 8 Bottom

The S&P 500 experienced a correction from January 3 through March 8. It dropped 13.0% over that period. Technically speaking the correction isn't over until the index has made a new high, which would be a new record high in this case. In any event, the index is up 5.3% since the March 8 low through Thursday's close. (The market is closed today.)The rebound has been led by a mix of cyclical and defensive sectors: Materials (11.8%), Consumer Discretionary (9.3), Consumer Staples (9.2), Health Care (8.9), Utilities (8.2), Real Estate (7.4), S&P 500 (5.3), Financials (3.6), Energy (3.6), Industrials (3.3), Communication Services (2.7), and Information Technology (2.3).A few cyclical industries were at the top of the leaderboard: Steel (31.2), Airlines (30.3), Fertilizers & Agricultural Chemicals (21.8), Agricultural & Farm Machinery (19.7), and Hotels, Resorts & Cruise Lines (18.6).Here are the five cyclical industries at the bottom: Electronic Manufacturing Services (-6.7), Computer & Electronics Retail (-7.2), Homebuilding (-8.5), Household Appliances (-11.4), and Trucking (-11.5).The mish-mash of winners and losers suggests that momentum investing remains out of favor. Stock picking seems to be the name of the game. Thematically: Agriculture is in, while Housing is out.