Compare these two charts, courtesy of Finviz:
The markets have been rangebound for the past 6 months, with clear leaders showing up in XLV, XLP, and IYR -- all low-beta, defensive sectors.
With the recent bounce related to Europe news and Fed voodoo, capital has been flowing out of defensive areas like cash, bonds and these sectors-- and has been flowing into the more beaten down areas of the market.
Watch for turnaround plays in oil, semis, and industry. There are plenty of bases to work with in the space.
Here's a few:
PBR
CAT
TXN
JOY
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