“Over the last six months, the Industrials and Technology sectors have been the most highly correlated to the S&P 500.  The dollar index and the long bond have been the most negatively correlated to the S&P 500.  Within sectors, Industrials and Consumer Discretionary, Technology and Consumer Discretionary, and Industrials and Materials have had the highest correlations, while Telecom and Energy have had by far the lowest correlation.  The two most negatively correlated asset classes over the last six months have been the US dollar and the S&P 500 Energy sector.”