To me this over-rotation tells me be careful and I would be a seller of almost all of these stocks, starting with General Mills (GIS - Get Report), Hormel (HRL - Get Report), Clorox (CLX - Get Report), Campbell's (CPB - Get Report), Colgate (CLP) and Conagra (CAG - Get Report). Sure, Campbell's could be taken over. The others are just slow growers that, to varying degrees, seem ready to correct. I think if Chavez dies, you would get hurt on a return to higher profitability for Colgate's substantial Venezuelan business, otherwise I think group is certainly not the place to be. (Keep in mind that there are shorts running all over Hain Celestial (HAIN - Get Report), on lies about its claims to be organic on many products and as much as they are rebuttable, no one seems to care right now and the stock seems headed lower still.
There's not all that much that is overextended, but two techs seem ripe for a bit of a correction in Google (GOOG - Get Report) and Tech Data (TECD - Get Report). The $1,000 price targets that Google got hit with last week seemed preordained to call a short-term Apple-like top. Tech Data has a huge amount of European business, so I think the rally could stall here.
It's worth noting that both
(FDX - Get Report) and
Action Alerts PLUS name
(UPS - Get Report) seem over-extended, too, but I know that I am looking to buy more UPS not sell it, even as we did recently take profits in FedEx.