The staples sector had a particularly rough week. The XLP(SPDRs Select Sector Consumer Staples ETF)finished the week at new 2018 lows. This was also the second weekly close below the 2017 lows in the last five weeks. Quite a reversal for and index that in late January was trading at new all time highs.
This rather ugly action has driven the ratio of Consumer Staples to the S&P 500 Index to its lowest level since May 2008:
A number of staples completely collapsed over the last three days. Pepsi(-6%), Colgate-Palmolive(-6.6%), Procter & Gamble(-5.5%), Phillip Morris(-11%), and Clorox(-9.6%).
Would expect some dip buyers to step up next week.
Hat tip Charlie Bilello