[isatrader]

I agree with you on this and here is a quote taken from Mark Minervini book, Trade Like a Stock Market Wizard, which I just read only a few days ago. Its from Chapter 9, Follow The Leaders.

"Market leaders tend to foretell turns to the downside as well. As a bull market enters its later stages (generally after one or two years), many of the leadership stocks that lead market advance will start to buckle while the broad market averages march on towards their tops. Typically, a second wave of postleadership stocks start to perform relatively well as money rotates out of the true leaders and into some of the groups constituents, laggard followup stocks, or defensive groups such as drugs, tobacco, utilities, and food stocks that are thought to be less sensitive to an economic downturn. Follow-on stocks and laggards, however, rarely experience the length or, more important, the magnitude of the price move that true market leaders accomplish. When you see this rotation occurring, its a warning that the market rally may be entering its later stage. The ultimate market top may still be weeks or even months away, but this internal market action is a proverbial shot across the bow that get your attention."

Interestingly, Mark Minervini's risk model has been on a sell since late March I believe and he today posted the following on his stocktwits and twitter feed:

"@markminervini: Our risk model triggered a buy signal today; I will step up my exposure if my initial commitments start working... if not, then back to cash"

I like to keep an eye on his posts which can be found here: http://stocktwits.com/markminervini