On the surface, the last month of trading has seemed rather placid, as the S&P 500 has managed to eke out a positive gain of 1.54% since November 7th while trading in a 100 point range between 2560 and 2660. However, underneath the surface we have witnessed a violent rotation out of the technology sector and into financials and consumer related equities. This has generated a significant dispersion of performance across sectors, despite the calm appearance of the broad index. Industry groups that were left by the side of the road earlier in the year, such as apparel manufacturers, consumer staples, banks and retailers were bought, with those purchases being funded by heavy selling in semiconductors and software stocks. Meanwhile, the VIX (CBOE Volatility Index) currently trades at 11.2, a level that does not insinuate fear in the overall market.