Are Traders Locking In Gains in Costco and Colgate-Palmolive?
Posted on March 19, 2012 at 09:15 AM EDT
Within days of climbing to new 52-week highs, shares of the Consumer Staples Select Sector SPDR ETF (XLP) are trading lower for two out of the past three sessions, and are technically oversold for the first time since the beginning of the month.The oversold conditions in XLP have only begun to be fully realized in some of the major staples stocks, a number of which were trading at significant highs only a few days ago.Some of the stocks leading the XLP lower on Friday include Procter & Gamble (PG), one of the ETF's larger holdings, which closed down for a third day in a row on Friday to finish just outside of technically oversold territory...( Read More )