Second, we've seen tremendous moves in the regional banks and insurers and other financials largely unconnected to Cyprus. I am talking about companies like CME Group ( CME), or IntercontinentalExchange ( ICE), or Chubb ( CB) and American Express ( AXP), or Discover Financial ( DFS), Torchmark ( TMK), State Street ( STT) and Unum ( UNUM). Have you looked at names like Metlife ( MET) and Allstate ( ALL)? These are trading like junior growth stocks on steroids.

Then there are the oil-and-gas stocks like Southwestern ( SWN) or Cabot Oil & Gas ( COG) and Range Resources ( RRC). These stocks have to be anticipating bids that won't come. There are dozens of them.

The transports, particularly the rails, freight-forwarders and truckers, have put on nosebleed moves.

The industrials, like Ingersoll-Rand ( IR); anything similar to Rockwell ( ROK), the Roper ( ROP), Johnson Controls ( JCO); and such names as Honeywell ( HON) and Mead Westvaco ( MWV), and International Paper ( IP), and Boeing ( BA), are acting like short squeezes. The natural-gas beneficiaries, such as WestLake ( WLK) and Lyondell, are acting as if they are growing at 15% to 20% when the reality is that their raw-cost feedstocks have been in decline.

Then, last week, the not-so-hot techs, like Cree ( CREE), Micron ( MU), SanDisk ( SNDK), Texas Instruments ( TXN) and Western Digital ( WDC), just exploded.

On top of all that, we saw a level of toppiness in the earlier leaders: Clorox ( CLX), Kimberly Clark ( KMB), General Mills ( GIS), Kellogg ( K), Hershey ( HSY), Pepsico ( PEP), McDonald's ( MCD) and McCormick ( MCK). (What the heck is with that last one? I liked it lower.) All of these have started rolling over.

Of course, anything housing-related has had such a run that who knows where you can step in and buy a name like Sherwin-Williams ( SHW) or Whirlpool ( WHR).

So it's not as easy as to say "go buy them." The "them" might be some of these incredibly overextended stocks that I just detailed.

Plus, the dividend-yield support now seems to be gone for all of them.

So what does it mean? I think the stocks you would normally run to -- those early leaders, the ones that had a second leg up after the Heinz ( HNZ) bid by Berkshire-Hathaway ( BRK.A) -- are vulnerable. I believe the red-hot financials could cool a bit and that the transports be rolled back, particularly because they are dependent on overseas markets coming back, and those will now take another dip.

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