So far, the two trends have produced an encouraging trading pattern on Wall Street: Sector rotation.

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As stocks have continued to move higher, there has been quite a bit of sector rotation.

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Sector rotation is an extremely difficult way to earn excess returns, even when done by experts.

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The importance of watching for sector rotation was reinforced in 2011 when many of the key sectors saw double-digit gains and losses from one quarter to another.

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Armed with index funds and strategies like sector rotation, relative value and tactical asset allocation, these advisers all attempt to earn their keep by beating benchmarks net of fees.

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Other common names for market timing include opportunistic investing, sector rotation, active asset allocation, top-down allocation, bottom-up allocation, global modeling, algorithmic positioning, defensive investing, and the list goes on.

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In the energy space, a staggering 8.8 percent dividend yield may not be enough to keep sellers at bay for London-based BP plc (BP), and that could warrant an intra-sector rotation into supermajor rivals.

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But how long sector rotation will last?

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Sector rotation is happening.

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That is what makes the use of sector rotation strategies so compelling: Whereas growth and value have long been sold as a way to break the market down into two distinct exposure groups, sectors allow you to break the market into 10 distinct exposure groups with unmatched flexibility for fine-tuning.

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