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Stocks hit a new all-time high last week. Underneath the surface, there was a bit of ducking and covering.

The big picture hasn't changed. Bulls are still running the tape. The question remains whether enough new all-time highs have accumulated to finally convince the skeptics.

Once again, we face the key question of whether stocks will correct through price or time.
 

I've been talking up the healthcare sector quite a bit lately. Biotech in particular has caught my attention. The biotech story remains very bullish. The healthcare story, however, suggests a bit of caution is creeping into the tape. Healthcare has a reputation as a more defensive sector.

Healthcare has done virtually nothing since April. All of its gains came in the last few sessions. This could represent a healthy rotation into a downtrodden sector. Alternatively, smart money might be taking some cover near term as the indices get extended.

Utilities as the 30-day leader doesn't entirely thrill me either. This also suggests a bit of caution. Tech just emerged as the leader year-to-date, which reminds us to buy any dips going forward.

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