“Wiping Up” Losses:
The staples space was the only major S&P sector to just miss CLOSING in the green Thursday, and it was the best actor of 11. Over the last one month to demonstrate the conservative nature of the overall market it is the best performer up 9%, outpacing real estate and utilities up 8 and 7% respectively. On a YTD basis, it is just one of three major groups to be positive thus far in 2022. Tobacco, food products benefitting from inflation, and food retailers and wholesalers have been responsible for the vast majority of the advance. COST has been a strong name, and although it seems to be allergic to CLOSING above the very round 600 number recently, it is still comfortably above a cup with handle pivot of 566.85. Lagging has been the personal products’ names with EL off 27% from most recent 52-week highs. Below is the chart of CLX, which was the poster boy for COVID, and if could be ready to join the staples party if it can CLOSE above the 150 level.