Though tech led the charge in the first quarter of the year, it's been derailed by worries about the global economy. Ditto Energy.
Financials, which had a hot spring, have been devalued by the EU debt crisis.
Retail, consumer discretionary and telecoms — of all things — have bucked the trend, somewhat defying logic.
So, where from here?
The presidential election makes for a bit of a wild card in the second half of 2012, even if elections have been known to yield rallies. This time, legislative gridlock and a looming fiscal cliff in Washington might disrupt the historical trend.
Uncertainty and trouble rule. So what's the best way to go?