By Daily Crux Editor Sean Goldsmith:

As the market rally gains momentum, investors are abandoning so-called defensive stocks in favor of stocks that will perform better as the economy recovers, leaving some good values for patient investors...

Stocks that outperformed the market last year, like Johnson & Johnson (JNJ) and Procter & Gamble (PG), generally have slower but steadier earnings growth. Betting we've seen the worst of the recession, investors are now buying stocks in sectors that will see bigger profits in a recovery, like technology, retail, and commodities. The neglected industrial giants are now cheap compared to the market.

J&J trades for a below-market earnings multiple of 12 and sports a 3.5% yield. Analysts also like Hewlett-Packard (HPQ), the computer company with the largest share of the worldwide market. The stock is only up 5% this year as the Nasdaq is up over 15%, and competitor Dell is up 25%. Utilities could also offer great value.

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