Who knows, but I will take a guess that institutions have been...

Who knows, but I will take a guess that institutions have been shorting the Materials Sector, gone Long on Financials / Telecoms etc.

Make money from aggressive shorting positions.

Crystalise the loss in their Material positions by selling their longs. The massive oversupply helps their short positions.

Eventually they will instigate a buy back of those shorts and ride the Material back up unopposed (as we mere mortals have all been slaughtered).

They will then cycle out of Financials etc and buy up the Materials Sector.

2nd half of this year will be a ball tearer. However until then we have to endure this carnage.

Month of May may prove to be a very prudent buying month imo.