Bolstering the case for some doubt around the cyclical rotation is that money has flowed out of the Energy Select Sector SPDR (NYSEArca: XLE), the Financial Select Sector SPDR (NYSEArca: XLF) and the Technology Select Sector SPDR (NYSEArca: XLK) since the start of October. To be fair, the Utilities Select Sector SPDR (NYSEArca: XLU) has seen outflows of almost $21 million over that time.
Since Oct. 1, the Consumer Staples Select SPDR (NYSEArca: XLP) and the Health Care Select Sector SPDR (NYSEArca: XLV) have gained $1.33 billion and $270 million in assets, respectively.
Perhaps making matters all the more concerning for those banking on high beta sectors is that XLP has outpaced all over the riskier, cyclical SPDRs since late September. Actually, XLP has been the best of the nine SPDRs since Sept. 27. [Market may not Like What Staples ETFs Are Saying]
