This from David Rosenberg a few days back:

“The sectors that outperform are the classic defensives such as Utilities, Health Care, Staples and Telecom. The sectors to avoid would be Industrials, Technology, Consumer Discretionary and Financials. I would suggest that hedge funds that go long the defensives and short the cyclicals will do very well in this environment, along with a handful of high-quality bonds and continued exposure to gold, even though it does look overextended on a near- term basis.”

Take note. Depending on your appetite and time horizon, guess which ones are going to be real cheap?