In October, investors sold the most exciting stocks in the market and bought the most boring ones.
Chip stocks fell 15.7%. Consumer staples ($XLP), the companies behind groceries, toothpaste and soda, rose 11.2%. That is the best month for $XLP since it launched in 1998.
Staples are where investors go when they get defensive, because people keep buying groceries and toothpaste in any economy. A move this size means a lot of investors got defensive at the same time.
The 27-point gap between staples and chips is the fourth widest of any month since 1998. The three wider ones were September 2000, November 2000 and September 2001.