The major market indices may be at or near all-time highs, but under the surface the “rotation sensation” of rolling 5-10% corrections has been playing out. Beginning with the >10% drop in the Nasdaq Composite and Semiconductors in early March, to the recent >5% drop in the Bloomberg Commodity and KBW Bank Stock Index (BKX) by the middle of last week, many of the extremes are being relieved one by one.

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