It's quite clear to me that when the bull market was in full swing, aggressive sectors led the rally while defensive sectors lagged.  This is what I refer to as a "healthy" advance.  But note what happened from the mid-February high to the late April high.  Defensive groups have emerged as the relative leaders.  Money is rotating out of riskier stocks and into the more conservative ones.  This suggests a risk-off trading strategy that does not give me the warm and fuzzies as we look ahead.  CNBC and the like just look at the numbers, see fresh two year highs and proclaim the bull market perfectly intact.  I believe this to be a very serious warning sign that merits close attention, if nothing else. . . ."
http://blogs.stockcharts.com/chartwatchers/2011/05/the-tale-of-two-markets.html