mike santoli exmains. >> a big question on wall street entering the second quarter, will the market shift fromay g defense to offense? looking at the s&p 500's strong 13% gain in the year's first three months, for its best first quarter in 21 years, it might seem stocks were already running hard on offense, yet for the past month the market has held lupgely because more stable aggressive sectors were doing well, insulating from a soft global economy. some strategists argue the cent drop in bond yields and s is warning theap efensive oaching end of the economic expansion or a longer period of sluggish activity and flat corporate profits. but another camp says thearket has rotated toward sturdier, safer areas to wait out a global soft patch and embrace t reserve's long pause on interest rates. calls have risen for the fed to cut rates soo as a way to help ensure a growth pickup fed itself is betting the economy remains healthy, giving policymakers time to be patient to see how the e datalve before making a drastic move. a version of the benign market rotation scenario happened in 2016, anot