A Great Bull Market in Toilet Paper is Underway

Lost in the shuffle, er, dispenser, of the SNAP IPO hoopla is the continued strength in some of the consumer staples. 

Kimberly Clark, for example, the toiler paper vendor, among other bathroom necessities, is sporting a tight bull flag after recently breaking back over its 200-day moving average. The strength is apparent on the daily chart, below, and should impressive even traders who never touch XLP holdings. 

Bears will argue that the XLP strength portends trouble for riskier stocks. But, for now, all we can gauge is whether buyers keep the current market pullback shallow.

More in my recap after the bell.