This year is slightly more than four months old, and despite a seemingly calm ride for the market (at least at the index level), there has been considerable churn under the surface. We've written about the weakness seen at the individual member level, but in this report, we'll look a couple levels up at the 11 S&P 500 sectors. The story of subsurface churn is still the same, but there have been key leadership shifts over the past few months, many of which have occurred in a somewhat stealthy way. The chart below shows a year-to-date performance derby for all 11 sectors. You can see that Communication Services is ... (full story)