![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb9pEFslvY2z89pb6HVEqmnihdY49p6Iin34VZGKqdSTrPcKtrkyPVqpD4WiP7sy8tKcaVCatRH9u5THHHVHNLABnlfQl79xXF_IA4cPxeR9hXkuX1c50vbOthn9M11eq-L4nl/s400/SML120909.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSgi19Ktgw7uvdeug4zXJ8-sTE4PL-U9rFE8RyHwc4EsXcs2NYE908wx5Xbuhlia54O_WvNCWgzCMncLt4hBrPDGcxOnhSCtkdImfOx1GVrF05PullYCMfOEhgXVy5u0d5N38b/s400/XLE120909.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhh0GCBFuNFfyDkLftTD0Sw7l4DYcJBHu3gX9NG8_pFAMycO2VJoM0rocAi_kp-nrfBFJsz1d7Q78MxB1PCOw1zXpECZdTklQJFQLCFwTwMxerVjbmPqd6JdgTK9rcv_B2xCeuj/s400/KIX120909.gif)
I recently showed several sectors weighing on the stock market. Here are several more that have lagged the large cap averages during November and thus far in December: S&P 600 small caps ($SML; top chart); energy stocks (XLE; middle chart); and insurance shares ($KIX; bottom chart). Energy issues are particularly interesting, given the recent weakness in oil prices. That isn't exactly what we'd expect if investors were anticipating that world economies are growing.
I like to watch how these lagging sectors behave during market bounces to see if the market regimes are changing or not. If the underperformers continue to underperform, I am less likely to expect a major shift of trend.
.