They also pointed out the “unusually large” inflow to ETFs tracking the U.S. healthcare sector. [ETF Chart of the Day: Healthcare]

“We believe that the current underlying trend governing the equity market (i.e. risk off trade) and the relative valuations within the main three defensive sector ETFs — Consumer Staples Select Sector SPDR Fund (NYSEArca: XLP), Utilities Select Sector SDPR Fund (NYSEArca: XLU) and Health Care Select Sector SPDR Fund (NYSEArca: XLV) — suggest that last week’s flows could be the beginning of a sector rotation within defensives,” Deutsche Bank said. [ETF Spotlight: Healthcare]

Health Care Select Sector SPDR Fund