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Takeaway: We are removing XLP from Investing Ideas.

Please be advised that we are removing Consumer Staples (XLP) from Investing Ideas today.

We added XLP on 9/26/14 for a 8.6% gain versus a 3.3% gain for the S&P 500.

According to Hedgeye CEO Keith McCullough:

This is more of a sell some beta move than anything else. I want to send you a sell signal on US equity exposure here so that I can signal buy, lower.

 

Fundamentally, International FX exposure to big cap Consumer Staples earnings is a new concern - one we don't get paid to ignore because the USD had a counter-TREND correction.

 

XLP: Removing Consumer Staples (ETF) from Investing Ideas - 55