Last week the SPDR S&P Retail ETF (XRT) closed at a new high and just above its pre-crisis high of $45.51 from June 2007, and the $45.64 high hit in April 2010. Although volume on the weekly chart was below average, it confirmed strength of the breakout as it rose above the levels of the prior four weeks. For 2010, XRT is up 26.7% year-to-date.
XRT seeks to replicate as close as possible the performance of the S&P Retail Select Industry Index consisting of over 50 companies in the retail sector. Retail has been a leading sector during the recovery off the March 2009 lows. It’s getting more difficult to see a more serious correction in the larger market in the short term while the retail sector is breaking to new highs. (www.etf-portfolios.c0m)
