We first wrote about the canaries in the coal mine that were warning of a correction in February.  As recent as last week the canaries were still warning.  Not so any longer.  The canaries lived. Most of the time when a market gets thin at new highs a correction follows, but once in a while the thin market resolves itself with rotation.  That’s what we’re seeing now.  The defensive sectors that have led all year are starting to under perform the broad market and the stocks that have lagged are being bought. Our Twitter support and resistance levels had pegged 1600 on the S&P 500 Index (SPX) as the most important resistance we’ve seen since we started tracking it.  There were a huge number of tweets that targeted that level.  The rotation in stocks since the break out above 1600 highlights how important that level was.  People who were defensive are starting to trim those positions and others who were under invested are buying technology, financials, and industrials.  Even the

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