Three defensive plays are telling a different story about the bull market run (via TradingNation)
. The safety surge comes even as the riskier tech sector leads the market and the S&P 500 is less than 2% from record highs.
Nancy Tengler, CIO of Laffer Tengler Investments, sees this as proof of uncertainty among investors as to what comes next after the record rally in stocks. "The market is conflicted. Many like me think that we're due for a correction, and so you see a lot of this movement into the defensive sector," Tengler said on CNBC's ""We've taken the approach to keep our cyclicality exposed in our portfolios because we think that the bull market has another leg up," she said.
, chief market strategist at Miller Tabak, is judging this disconnect in the market on a case-by-case basis. He says utilities, for example, could be one red-hot area about to cool down, while gold and Treasurys should continue higher., is very overbought. Look at this weekly relative strength indicator — it's over 80. I mean that's usually a level that it only stays at for a very short time, and yet it's been there above that level for over seven days now.
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