Leaders, Followers, and Laggards.

List of what is strongest in order:

1. Leaders:  Precious Metals, Agriculture, Softs, Emerging market equities, Non-dollar currencies, Treasuries
2. Secondary Leaders:  US equities, Energy
3. Followers and Laggards: European equities, Japanese equities

 When the European and Japanese equities start playing catch up, that is when we are very late in the rally.  The strongest sector, commodities and emerging market equities and non-dollar currencies will likely outlast the S&P in its uptrend like 2008.