Following the run-up over the last two months, and the wild swing we've seen the last couple of weeks, I'm starting to see some shake-ups in market leadership. To try and make sense of some if it, I'm going to resurface a handful of our percentage change chart. Specifically, I want to show all the major sectors first, and then break the important ones down into individual industries.

I'm not recommending anything. I'm just observing. Do with the data what you will.

SECTORS

You don't need me to tell you basic materials and energy have been blazing the trail lately. Have things changed though?

Going back to the mid-March low, materials and energy stocks yielded their leadership position to transportation? Yep. Technology is coming on strong too, though we've mentioned that a couple of times recently. On the flipside, healthcare and non-cyclicals still stink.

Sector Performance


INDUSTRIES

What's driving the transportation stocks? No surprise here: railroads. In fact, if it weren't for railroads, transportation would be stuck in mediocrity.

Transportation Industries


As for the basic material names, I tried to find a resilient industry. I couldn't. They're all stale. I have to confess though, building materials stocks have been oddle persistent and steady. Is that an omen of sorts? We'll save that discussion for another time.

Basic Materials Industries


The same goes for energy. Nothing looked particularly strong. That includes coal.

Energy Industries


Take a look at technology stocks. The fact that they're leading is bullish in the bigger picture, but even from a momentum point of view there are some exciting hot pockets here.

Actually, all of them are better than average. Internets stocks, semiconductors, computers, and electronic components/equipment have been the best though. However, I don't know that I'd be disappointed with any of them at this point.

Technology Industries


Oh, and healthcare? Nothing inspiring there either, though I did find it curious that the year's biggest loser to date, healthcare providers, actually outpaced everything else after the March bottom? An undervalued arena? Maybe. Truthfully, I still think they're overvalued, but it doesn't mean there's not a short-term upswing in there somewhere.

Healthcare Industries


Price Headley is the founder and chief analyst of BigTrends.com.