Just 54% are bullish on health-care stocks, for example, down from 71% last quarter, while 37% favor consumer staples, down from 47%.
With the market up, this is a good time to unload economically sensitive stocks and pick up things that are likely to weather the downturn a little better, like consumer staples.
At some point, investors who are conflating high-yielding consumer staples stocks with bonds or who are taking interest rate risk in long-dated Treasurys will see drawdowns as well.