The tech trade continues to fade as investors rotate into recovery bets. Consumer staples is seeing a bit of a bounce, but it’s tough to figure out where the sector fits in in the next leg of the market. Real estate was one of the bigger winners in the vaccine rally as any news of a possible re-opening scenario boosts the prospects for mortgage and rent collections.

If Pfizer is providing the markets with a bright light at the end of the coronavirus tunnel, the financial sector could be ready to rip. There’s an easy argument to make that conditions for emerging markets outperformance have improved. With yields hitting their highest level since March, we could see the bearish trend in Treasuries grow if the vaccine proves successful.

The utilities sector continues its tear, which has been one of the clearest risk-off signals you’ll find anywhere in the markets. The dollar was the only major asset class to post gains last week, reinforcing the notion that investors could be raising cash here by selling both bonds and equities.