Defensive stocks just keep lagging the rest of the market.

BY PHIL ROSEN, CO-FOUNDER AND EDITOR, OPENING BELL DAILY @PHILROSENN

Credit: Getty Images

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This is not what a cautious stock market looks like. 

The equal-weight consumer staples benchmark has dropped to record lows relative to the equal-weight S&P 500, indicating investors are abandoning one of the most reliable safety trades in search of more risk and higher upside.

The consumer staples sector — which includes household brands like Procter & Gamble, Coca-Cola, and Costco........

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