Trends rotations

The chart below shows some sectors and trends in realtive versus the Stoxx index. (this a great tool for spoting trends rotations!)
As you can see since 2002 emerging markets (mxef) and basic resources stocks (sxpp) strongly outperformed (bubble?).
Construction (sxop) and small caps (scxe) are looking toppish and real estate is still falling (epra).
Telecom is improving (sxkp) while oil&gas (sxep) and especially health care (sxdp) are still underperforming the Stoxx index.(base line)