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March 08, 2006
Staples Strengthen
While money moved out of the Consumer Discretionary SPDR (XLY), it moved into the Consumer Staples SPDR (XLP) as the stock opened weak and closed strong. The February breakout is holding and broken resistance around 23.4 turned into support. This is a classic defensive maneuver as money moves from cyclicals to staples.
Posted by Arthur B. Hill at March 8, 2006 06:08 AM