Rotation — Out of Chips, Into Pills and Soap

Since the S&P 500’s record close on 6 October, the index has barely moved — down 0.9% in seven sessions. Underneath, the money has changed seats.

The health care fund XLV rose 6.0% to its highest close in at least six months and the consumer staples fund XLP gained 6.0%, while the technology fund XLK lost 6.3% and the chip fund SOXX 12.7%. The equal-weight S&P 500, where every company counts the same, is up 1.3%: the average stock rose while the index fell. This is not a crash. It is a change of …