Cyclical sectors are experiencing stronger earnings gains this year than defensive ones, but after a dismal 2001, earnings in every cyclical sector are likely to remain far-below their previous peaks.

周期波动明显的行业今年的收益出现了强劲的增长，但是经历了低迷的2001年，它们的收益水平仍然大大低于过去的峰顶值。

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First, you should start in a defensive sector like health care or consumer staples.

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Part of the reason is healthcare is considered a defensive sector that does well even when the economy is in bad shape.

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Investors who followed market leadership sold out of precious metals and energy funds and bought into biotech funds like Fidelity Select Biotech (FBIOX), or more defensive sector funds like SPDR Utilities ( XLU) and SPDR Consumer Staples ( XLP), were paid for staying alert and active.

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