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August 24, 2008
Week in Review #34 (2008-08-24)
Without appropriate checks and balances over the credit system, one’s assets are always in danger. In normal times, we can deal with that. But these are not normal times; we the people have been deceived by persons and organizations we have always trusted—our bankers. Nothing like this has ever happened before, and now the people are ready to revolt. The market senses it.
Is this not a lesson to hard-working Americans that bankers need to revert to being bankers, wealth managers to being wealth managers, and brokers to being brokers?
Conflict of interest is the source of our discontent, and, as we increasingly observe, the cause of market volatility. Yes, even those in control are losing it as they get torn between their different masters.
Extreme volatility in equity markets is usually a harbinger to what are called sea changes. Sea change; now that’s an interesting expression originating from Shakespeare's The Tempest, meaning a substantial -- but bewildering – transformation.
ARIEL [sings]:
Full fathom five thy father lies;
Of his bones are coral made;
Those are pearls that were his eyes:
Nothing of him that doth fade
But doth suffer a sea-change
Into something rich and strange.
The market is incomprehensible to some of us at the best of times, but these days it’s fair to say that most of us don’t get it. All we can do is day trade while we await the market’s revolution, whatever form that may take.
I feel that traders suspect that Humungous Bank & Broker is a ghost – dead but still moving, hoping for a taxpayer bailout of such massive proportions that would break the economy and possibly the spirit of America. What else are we to believe when we watch Fannie Mae (FNM) and Freddie Mac (FRE) plunge -93% and -96% over the past year, buying up bad mortgages from HB&B?
According to their website, “Fannie Mae is "the country's second largest corporation, in terms of assets, and the nation's largest source of financing for home mortgages. We are one of the largest financial services corporations in the world." "Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass through securities and debt instruments in the capital markets. By doing so, we ultimately help homeowners and renters get lower housing costs and better access to home financing."
This week alone, FNM dropped -37% and FRE -52%! At this point, neither has access to capital markets to raise additional debt or equity capital. America is in crisis!
The people are just waiting for the US Congress to present a solution and to state the cost. The appropriate response will come from independent traders.
I have already called it a revolution in the making. Two years ago, I gave you the reason – I called it Paulson’s Pride, after the person I later started calling Mr. Moral Hazard, Henry Paulson, US Treasury Secretary.
Bill Cara: Saturday Report, 10/13/2007 6:45 AM ET
The past 15 months or so has been a period I refer to as Paulson's Pride. I suspect that over the next fifteen months or so, Henry Paulson will not be held ...Bill Cara: Cara’s Daily Commentary, Wed., July 4, 2007, 8:18 AM
That is what Paulson's Pride is all about. Power and theft...
I have been hearing stories that Paulson might be the designated solution in that he would take control of a new Fannie-Freddie Corp. A double wrong does not make a right.
What a way to start a revolution!
Today, let’s try, if we can, to make sense of what happened during the week.
Global Economics Review
With respect to the US economy that is in dire straits, note that the tone is improving.
Weekly International Economic Report . The weekly report from Econoday dated 8/15/08 was an excellent one by the way. I encourage everybody to read these reports and discuss them in the Discourse.
Here are the key US economic reports and the Econoday analysis from last week.
US Economic Calendar.US Home Builders Housing Market Index for August. The National Association of Home Builders produces a housing market index based on a survey in which respondents from this organization are asked to rate the general economy and housing market conditions. The housing market index is a weighted average of separate diffusion indexes: present sales of new homes, sale of new homes expected in the next six months, and traffic of prospective buyers in new homes… For August, Econoday reported: “The monthly homebuilders index held dead flat at record lows, at an overall reading of 16 though components for current sales and future sales did tick higher. Not ticking higher, however, was prospective buyer traffic which held at an extremely weak level of 12. The only good news in this report is that readings aren't getting even worse. The report noted that home-buyer tax credits, now passed by Congress, are likely to bring buyers back into the market. But the text of the report has been upbeat for the past year. The outlook for the sector, hit by a weakening jobs market and tight credit, remains negative. Markets showed no reaction to the data.”US Housing Starts for July. For July, Econoday reported: “Housing starts in July fell sharply as expected after an artificial boost in the multifamily component in June. Starts fell 11.0 percent, following a 10.4 percent surge in June. The July pace of 0.965 million units annualized was down 29.6 percent year-on-year and beat the consensus expectation for 0.950 million units. The drop in starts was led by a 23.6 percent monthly falloff in multifamily starts, following a 41.3 percent spike in June. Single-family starts continued its downward spiral, falling 2.9 percent in the latest month, after declining 3.2 percent in June. July's level in starts was a return to more normal conditions after a change in building code in New York City - taking effect July 1 - led to a run on both permits and starts to grandfather in the less restrictive code… By region, the drop in starts was led by a monthly 30.4 percent decline in the Northeast with the South and West also declining, both by 8.2 percent. The Midwest posted a 10.0 percent gain… Permits also fell in July - by 17.7 percent, following a 16.4 percent surge in June. July's 0.937 million unit pace for permits was down 32.4 percent year-on-year… Today's report shows housing continuing to decline but not as severely as suggested by July's monthly percentage. The point of focus should be the further gradual decline in the single-family component and residential construction has not hit bottom yet. The July numbers were close to expectations and should not have much impact on the markets.”
US Producer Price Index for July. After PPI had accelerated dramatically in June at the headline level but remained moderate at the core level, economists expected much lower headline numbers. They were surprised. For July, Econoday reported: “Producer price inflation in July remained red hot and even sharply accelerated at the core level. The overall PPI inflation rate barely slowed from June's torrid pace, posting a 1.2 percent increase, following a 1.8 percent surge in June. The price hike in July was far above the consensus forecast for a 0.5 percent gain in the overall PPI. The core PPI rate jumped 0.7 percent, surging beyond June's 0.2 percent increase and topping market expectations for a 0.2 percent boost. The headline number was led by energy but the core was boosted by a number of components. While some of the headline gain can be discounted due to recently lower oil prices, the leap upward in the core rate is disconcerting. But on the news, Treasury rates were little changed due to traders in flight to safety mode due to continuing worries over the health of Fannie Mae and Freddie Mac… Energy led headline inflation in July with a 3.1 percent boost after a 6.0 percent spike in June. Food price inflation moderated to 0.3 percent after a 1.5 percent spike in June… But the biggest surprise in the report is the 0.7 percent hike in core prices. Passenger cars and light trucks led the way with increases of 1.4 percent and 0.8 percent, respectively. But gains were widespread with notable strength seen in items such as pet food, pharmaceutical preparations, soaps, tires, newspapers, floor coverings, household appliances, sporting goods, jewelry, and the vast majority of capital equipment components. The point is that higher costs are boosting inflation at the producer level and may be nudging core consumer inflation in coming months… For the overall PPI, the year-on-year rate surged to up 9.8 percent from 9.1 percent in June (seasonally adjusted). The core rate rose to up 3.6 percent in July from up 3.1 percent the prior month… Today's report shows a rise in underlying inflation. Markets do not seem to be concerned due to the expected impact of lower oil prices. But the Fed certainly will be mulling the numbers over.”
US Philadelphia Fed Survey for Aug. For August, Econoday stated: “Regional manufacturing activity continues to contract in the Mid-Atlantic region. The Philadelphia Federal Reserve's manufacturing index came in at -12.7 for August, up from -16.3 in July but continuing an extended string of declines. New orders are especially on the decline, at -11.9 vs. July's -12.1 and signaling declining output in the months ahead. Unfilled orders are also contracting, at -8.7 with inventories understandably also on the decline at -6.6. There is some good news on input prices as prices paid eased back nearly 20 points to a still very elevated 57.5. Employment readings continue to decline.”
How is next week’s calendar looking?
US Economic Calendar.US Existing Home Sales for July. For June, Econoday reported: “Existing home sales continue to slide, unfortunately indicating that the long awaited bottoming in the housing sector remains elusive. The annual sales rate came in below expectations at 4.86 million, down 2.6 percent from May and down 15.5 percent from a year ago. The year ago decline has stabilized below 20 percent, but, remember, reflects ever-easing comparisons. The 4.86 million rate is the lowest in nine years of available data… Supply on the market remains severely bloated at 11.1 months at the current sales rate, up from 10.8 months in May. The median price did rise 3.5 percent in the month to $215,100 but the year-on-year rate remains very weak at -6.1 percent. Declining home values are pressuring marginal homeowners into foreclosures and have weakened overall consumer demand and specific demand for housing products. Still, prices have proved relatively inflexible though the level of unsold inventory relative to demand points squarely at lower prices ahead… Sales of single-family homes, which represent the bulk of the data, tumbled 3.2 percent in the month to a 4.270 million rate, offset only slightly by a 1.7 percent rise in condos to a 590,000 rate. Overall, sales fell in the Northeast, Midwest and South while the West showed a very slight increase… The stock market began to slip as did Treasury yields and the dollar in reaction to the report. Expectations for recovery in the housing market have been pushed back month after month over the last year-and-a-half and, despite all the declines, continue to be pushed back.”US New Home Sales for July. For June, Econoday reported: “The new home sales report is largely positive, in contrast to yesterday's very weak report on existing home sales and offering a reason for hope in the sector. Annual unit sales of new homes came in at a 530,000 rate for June, down 0.6 percent in the month but against a nicely upward revised 533,000 rate in May (512,000 originally reported). April was also revised upward (542,000 vs. an initial 525,000). Year-on-year contraction is still very steep but, reflecting steady levels and ever-easier comparisons, is now down at least in the low end of the 30 percent range at 33.2 percent. By regions, sales were strongest in the Northeast with the South and West both showing slight declines… There are fewer new homes sitting on the market, at 426,000 in June vs. 450,000 in May. Supply at the current sales rate fell to 10.0 months, still very bloated but down from 10.4 months in May and 10.3 months in April. Prices are another positive, rising 1.4 percent in the month to a median $230,900 and down only 2.0 percent year-on-year -- an improvement from the mid-single digit percentage declines of prior months… If the housing sector does begin to recover, we can look back at this report as the first signal of improvement.”
US Durable Goods Orders for July. For June, Econoday reported: “Durable goods orders in June were surprisingly strong, indicating that the manufacturing sector is showing more resilience than many believed. Durable goods orders jumped 0.8 percent in June, following a 0.1 percent rise in May. New orders for June were much better than expected as the consensus called for a 0.4 percent dip for the month. Excluding the transportation component, new orders rebounded a sharp 2.0 percent, following a 0.5 percent decline in May. For the latest month, strength was broad based… Strength in overall orders included primary metals, up 5.1 percent; electrical equipment, up 5.0 percent; machinery, up 2.3 percent; fabricated metals, up 1.7 percent, and "other," up 1.1 percent… Weakness was seen in communication equipment, down 4.4 percent; transportation, down 2.6 percent; and computers & electronics, down 0.5 percent.”
US Personal Income and Outlays for July For June, Econoday stated: “Personal income growth in June decelerated after a sharp boost in May-primarily due to a drop off in income tax rebates. Inflation, however, worsened - even at the core level. Personal income in June edged up 0.1 percent, following a 1.8 percent surge in May. The modest gain in June was better than the market forecast for a 0.2 percent decrease. Within personal income, the wages and salaries component eased to a 0.2 percent gain, following a 0.3 percent boost in May… On the spending side, personal consumption in June remained on the high side with a 0.6 increase after surging 0.8 percent in May. The consensus had forecast an increase of 0.5 percent for personal spending. Spending was led by a 1.3 percent boost in nondurables which includes gasoline. Essentially June's gain was due to a spike in gasoline prices as overall real spending slipped 0.2 percent, following a 0.3 percent rise in May… Year on year, personal income growth eased back to up 5.7 percent from up 6.0 percent in May. Headline PCE inflation jumped to up 4.1 percent from up 3.5 percent in May. Core PCE inflation nudged up to 2.3 percent from up 2.2 percent in May… Overall, the income and spending numbers continued to be affected by the income tax rebates and higher gasoline prices. We will likely see some unwinding of these effects in the next few months as rebate income drops off and gasoline prices have slipped. But wages and salaries income has slowed due to a weak labor market and that is likely to persist. We can expect consumers to become increasingly cautious about spending and that points to sluggish economic growth ahead. Although it is very early to be putting together third quarter numbers, the 0.2 percent dip in real personal consumption bodes ill for a good third quarter GDP.”
During periods of extreme volatility in equity markets, I find it productive use of time to delve deeper into the macro-economic data, which is to say to spend a bit less time guessing why day to day prices are acting as they are.
US Equity Markets Review
DJIA stockcharts.com chart
A week ago I wrote here that “The Monthly, Weekly and Daily RSI and Stochastics indicators are on the rise for the major market indexes, which followed up last week’s outstanding rally with higher prices this week except for the prices of the Dow 30 Financials AIG (AIG -7.6%), JP Morgan Chase (JPM -7.3%), Bank of America (BAC -4.8%) and Citigroup (C -4.3%) which pulled the DJIA index to a small loss W/W….
The RSI and Stochastic Dailies are further elevated, although not yet to extreme levels, which shows me that the short-term rally will run into resistance any time Crude Oil rallies or possibly even fails to decline from here.”
The DJIA lost -0.27% to 11628.06 from 11659.90, and the S&P 500 -0.46% to 1292.20 from 1296.32. Note that the DJIA and S&P 500 gained +1.73% and +1.13% on Friday, so the rest of the week was a real loser.
On the week, there were 10 Dow components that were up and 20 down.
At the end of this week, there were 3 of 10 sectors that lifted in price. The losers were the Financials again. A week ago, they were losers too, and I remarked, “... especially Financials where the problems have merely been swept under the table for now.”
NASDAQ Composite ino.com chart
NASDAQ Composite stockcharts.com chart
The NASDAQ Composite dropped -1.54% this week to 2414.71 from 2452.52, and back to where the index was two Friday’s ago (2414.10).
Volume was down a lot.
Here is the list of the ten highest-weighted non-financial stocks in the NASDAQ Composite. Put them in a watchlist (see Google Finance Portfolio) and watch them like a hawk. If you want, add a couple like SNDK and ADBE:
AAPL MSFT GOOG QCOM RIMM CSCO INTC ORCL GILD EBAY
Daily RSI-7 for the Nasdaq 100 Big-10
Weekly RSI-7 for the Nasdaq 100 Big-10
Monthly RSI-7 for the Nasdaq 100 Big-10
The US equity market Sector ETF Summary
This week, there were 3 sectors up and 7 down. On Friday there were 8 of 10 up. Friday’s losers (XLE and XLB) were winners on the week. All the losers on the week were winners on Friday as the market did an about face.
Here’s the SPY Monthly, Weekly and Daily data charts:
SPY Monthly data:
SPY Weekly data:
SPY Daily data:
The tables I now show are for eleven GICS Sector Index Funds (ETF’s), including two for Technology (XLK and SMH), for a total of ten GICS sectors. They cover the full spectrum of the US equity market.
Table 1: Cara ETF List is sorted by price performance Week over Week (W/W), i.e. 1W%N.
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
You can do this table yourself by entering the following string into the Summary window at Billcara2.com and then clicking on the link for Performance. SPY XLE XLB XLI XLY XLP IYH XLF XLK SMH IYZ XLU . You can also add more ETF’s – up to 30 in total.
For a list of components to many ETFs, go to the AMEX.com web site, and click on ETF’s.
10 (energy: XLE)
15 (basic materials: XLB)
20 (industrial: XLI)
25 (consumer discretionary: XLY)
30 (consumer staples: XLP)
35 (healthcare: IYH)
40 (financial: XLF)
45 (technology, semiconductor: SMH)
50 (telecom: IYZ)
55 (utilities: XLU)
Individual Sector ETF Review
Sector 10 (energy: XLE, IYE, VDE, OIH, PBW and IXC)
Here’s the XLE Monthly, Weekly and Daily data charts:
XLE Monthly data:
XLE Weekly data:
XLE Daily data:
Table 2: Senior oil & gas equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
After Crude Oil ($WTIC) gained +$1.65/bbl on Tuesday, and +$1.02/bbl on Wednesday, followed by a record move of up +$5.62/bbl on Thursday, traders decided to sell it down by a record move of -$6.59/bbl on Friday. I am sure that Humungous Bank & Broker knows who made those trades, and I’m sure the Fed does too, and so too the Treasury Secretary. But I don’t think the public will ever find out the answer to this critically important question.
That my friends is why we don’t have a level playing field. They know what we’re doing, but we don’t know what they are doing. In fact, we don’t even know who “they” are! This is ridiculous.
What the market needs is a Commissioner, an independent ombudsman, not part of the authoritarian group who control the market, serving, as they say, the public! Ha! These people must be laughing at us for being so stupid to put up with this rigged casino they call a capital market.
A capital market is supposed to be the value discovery place where buyers and sellers come together to meet their objectives. But, without transparency, the interventionists have taken control through exotic derivatives, and now a pipeline to the public treasury to save themselves from fatal mistakes in judgment.
Anyway, we have to deal with it. By the end of the week, Crude Oil gained just +$0.57/bbl to close at 114.59. The low this week was 111.66. How many people noted that the 40-week Moving Average is now at 111.65? The 50-day and 200-day MA is 129.04 and 110.61.
Remember, it was just six weeks ago that $WTIC was $145/bbl.
Last week I warned “I noted that the 200-day Moving Average is 110.10, so the technically important support level is close by.” Trust me; the oil lobby is aware of this. If the market for oil breaks 110, I feel it will break 100, and then fall to 80. If that were to happen, there would be a completely different complexion to this market environment.
Yes, initially, there would be a boom to Financials and Consumer Discretionary – at least until traders figured that consumers all over the world are doing the same thing, which is to tighten their belts. They are wondering how to pay their bills. Like the banks selling off important assets, the people are selling their homes, and foregoing automobiles and other products and services they absolutely don’t need. They are driving less, and when they buy new cars, their purchases are now usually more fuel efficient ones. Rather than ‘peak oil’, we ought to be talking about ‘peak oil industry’ because that’s what happened. I told you so just before one company, Exxon Mobil (XOM), lost one-eighth of a trillion dollars in market cap.
I think the oil industry is scared. Production is down, but they were only able to make it appear good by squeezing the oil price higher through lack of investment in refineries and of course by buying back their shares and paying more dividends. Some now are giving you a glimpse of their future, which is alternative energy. But that’s a very long time looking forward.
In the interim, I’m wondering how those big belt-buckles in Texas that run the oil loaded funds are doing. I can’t imagine many can survive $100 oil, nevertheless $80 oil. I wonder what their bankers are thinking.
A week ago, I wrote in this space, “Will support hold for the $WTIC? … This coming week we get to see whether the oil speculators are any different than the precious metal speculators. Recall too that last week’s oil inventory numbers were probably estimated far too low so that if they are on the high side this Wednesday, watch for the $WTIC to drop below the 200d MA during Wednesday.”
What happened when the latest oil inventory number was “corrected” – a record increase and humungous “surprise” for the inventory data? Why, of course, the Talking Heads were paid to read the oil lobby script: “Folks, ignore the oil number, which was a surprise and will be adjusted next week; it’s the gasoline inventory figure you ought to be looking at.” Pardon me? American drivers, without an iota of doubt in my mind, have just set a recent record low in miles driven for July and August, and the automobiles used are at record fuel efficiencies. So, where did that gasoline data come from?
Let’s start breaking myths here. And re-focusing on market prices.
This week, the Energy sector ETF (XLE) gained +5.49% W/W to close at 74.76. The rest of the story is that XLE plunged -2.06% on Friday, a day the DJIA index gained +1.73%. Pray tell, what might have happened to XLE if the DJIA on Friday wasn’t pumped full of hot gas?
On Friday, all my monitored oil stocks were down except PetroChina. But earlier in the week, traders who followed my recommendations re Canada’s oil sands players Suncor, Imperial Oil and EnCana, had big gains: SU +13.8%, IMO +13.0% and ECA +9.1%, which also included the losses each suffered on Friday.
That friends, is called a blow-off. And who were the take-out guys? Remember, the oil lobby is the biggest in the world… yes, in mid-week; those wildcatters Bill Gates and Warren Buffett flew up to personally examine the Western Canadian oil sands. Then there is a record price increase and then a record collapse in the price of oil on Thursday and Friday. Who needs Hollywood when we can be entertained with stuff like this!
Anyway, watch the technical support. As one country after another is disclosing recessionary numbers, traders are not that stupid, I hope, to be buying the shares of the oil stocks. Soon, but not quite yet! I have been telling you that wily traders will likely use option put writes to drop their cost basis for XOM into the 60’s. I say 68 just to put a number on it, for entertainment purposes.
Oil & Gas Exploration & Production -Canada
Sector 15 (basic materials: IYM, XLB, IGE and VAW)
Here’s the XLB Monthly, Weekly and Daily data charts:
XLB Monthly data:
XLB Weekly data:
XLB Daily data:
Table 3: Senior metals and steel equities:
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
Basic Materials (XLB +0.58% to 39.70) was 3rd place winner this week [behind Utilities, which are also driven by Energy stocks].
To show you how small the gold stocks are in importance in the Basic Materials, many of the largest goldminers were up this week over +10% (AEM +15.5%, GG +13.6%, KGC +11.2%... ), and the goldminers index was up +8.3%, but XLB gained just +0.58%. In fact the world’s leading base metal miners like BHP, Rio Tinto, Vale and Teck were up +6.6%, +10.0%, +5.1% and +11.6% respectively, but that also didn’t help. Why? Well, this is hot money… in today, gone tomorrow. In fact, the goldminers index ($XAU) dropped -3.21% on Friday. Stocks like DOW (-2.5%), VCP (-2.4%) and PKX (-2.1%), of companies which don’t control their markets, and which are more reliant on economic growth for their good fortune, were mostly down this week.
Sector 20 (industrial: IYJ, XLI, VIS, and IYT)
Here’s the XLI Monthly, Weekly and Daily data charts:
XLI Monthly data:
XLI Weekly data:
XLI Daily data:
Table 4: Senior capital goods makers and transportation:
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
The Industrials (XLI -0.98% W/W) closed at 35.29, despite the gain of +1.96% on Friday.
Fluor (FLR +10.4%) were the big winner here, but the stock is still down -1.3% over 4 weeks, and -16% over the past quarter (ie, 13 weeks).
Textron (TXT -9.1%) was the big loser on my monitor for the Industrials.
I also noted that Fedex (FDX -5.9%) and UPS (UPS -4.0%) were also big losers this week. But in the US when a significant Manufacturing Index is down and the Producer Price Index is up, large in both cases, things must be rough for shippers. I see no help coming from the economies in Europe or Japan or Canada, either.
Sector 25 (consumer discretionary: XLY, IYC and VCR)
Here’s the XLY Monthly, Weekly and Daily data charts:
XLY Monthly data:
XLY Weekly data:
XLY Daily data:
Table 5: Senior consumer discretionary equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |
I have been writing about JC Penny (JCP) a lot recently because it has become an oil hedge play. As oil prices fall, JCP has risen. Two weeks ago, JCP was up +18.4%, and one week ago, it was up a further +11.7%. I added, “… including a hideous +8.4% (gain) on Friday. This is a company with a market cap of $8.9 billion with crummy results lately. So what if oil prices are falling; show me the beef at JCP (other than cost control) and I’ll cut them some slack.”
This week, while oil gained +6.0%, from Monday through Thursday, JCP lost -8.3%. Then when Crude Oil dropped -5.4% on Friday, JCP gained +4.2%. I think the hedge funds have still got this stock plugged in. I am guessing the game will be over once the public catches on.
I saw a lot of Financial Entertainment TV hype for Target (TGT) on Friday. The stock dropped -0.7% Monday through Friday, but gained +3.1% on Friday. I think this had more to do with the oil price and the way hedge funds are playing these stocks.
Sector 30 (consumer staples: XLP, VDC, RTH and IYK)
Here's the XLP Monthly, Weekly and Daily data charts:
XLP Monthly data:
XLP Weekly data:
XLP Daily data:
Table 6: Senior consumer staples equities
| Symbol | Close | 1Day Change |
1Day %Change |
1W %Change |
2W %Change |
4W %Change |
YTD %Change |
3M %Change |
6M %Change |
12M %Change |