Though there is little empirical data to support the rally in the deep cyclical sectors, investor sentiment has seen a huge shift from extreme fear and bearishness to buying steeply sold off cyclical stocks with the notion that an earnings trough will occur in the first quarter and the rest of the year will see a pick-up in top-line revenue and earnings growth. At this point, this notion is purely built on the perception that the bazooka-like quantitative-easing (QE) measures announced by the European Central Bank, Bank of Japan and Peoples Bank of China will stimulate those economies which, in turn, will boost U.S. export trade. The jury is still out as to whether this scenario will materialize, but there is no question that a little momentum in the cyclical sectors led by a rebound in oil prices morphed into a lot of momentum fueled by massive short covering.