So the markets did indeed sell off big yesterday, and had a bounce today. Two interesting observations from other blogs on this pull back and stock market run.
Bespoke Investment Group has an article (link here) that the winners (50 best performing stocks YTD) held up the best during this pullback, so this is bullish.
J.C. Parets posted a chart from Arthur Hill (link here) showing that this market rally is not a typical rally of market cyclicals, which explains why the sector rotation picture is somewhat odd. The chart plots the ratio between the MS Cyclical Index (CYC) and the MS Consumer Index (CMR). To me, it also signifies that the stock market is rallying not because of strong economic fundamental growth (even if it is fueled by QE as in the past).