Progression of "Investment"

Timeline: From StockTradersDaily

1.  4^th quarter recovery was broad; it brought the market back to balance.
2. Late in 2011 large cap high dividends were en vogue.
3. Early in 2012 they bought financials instead
4. Soon after they bought large tech, CSCO, MSFT
5. Soon after that they bought second tier tech names

And now they are buying high beta small caps.

This could very well signal that this is the end of this "cycle", all on it's own.