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The problem for the past deals is that many firms waded into economically sensitive sectors like retailing and restaurants.
Before it happens, Mr. Kelly expects stocks in economically sensitive sectors like financial services and consumer cyclicals to outperform.
The strongest gains came in two of the most economically sensitive sectors: construction, and leisure and hospitality.
Economically sensitive sectors like industrials, energy and technology have been among the stock market's strongest performers so far in 2011.
Economically sensitive sectors, like energy, also posted strong gains, along with shares of small and midsize domestic companies.
Chuck Hill, director of research at First Call, noted that earnings forecasts are holding up even for some economically sensitive sectors despite higher interest rates.
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Construction is another economically sensitive sector he favors.
And whether an investor picks the economically sensitive sector or the economically defensive one depends on how soon he thinks the Federal Reserve will begin raising its short-term benchmark interest rate to slow growth and curb any jump in inflation.
"If we're going into a deep recession, why are the transports working really well?" says Roque, referring to the economically sensitive sector's outperformance.
That's great news for REITs since they are a highly economic sensitive sector.
He says the continued strength in economically sensitive stocks, and sectors, such as Caterpillar, and 3M tell him the recovery will be stronger than most predict.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com