Editor's Note: This article was originally published in John Murphy's Market Message on Friday, June 14th at 1:20pm ET.
Chart 1 is taken from the Sector Summary page for the past month. And it shows that investors are still gravitating toward defensive issues. Four of the top sectors are utilities, health care, real estate, and consumer staples. All four are defensive in nature. Even the month's strongest sector has a defensive tilt. Materials were the month's strongest sector. But it was led higher by gold miners which rallied on the back of a stronger gold market. Gold has been rallying along with other traditional safe havens like Treasury bonds and bond proxies like staples, utilities, and REITs.