The mixed performance of ten key industry group ETFs reflects the flat performance in the S&P 500 since early May. Note that the S&P 500 is virtually unchanged since April 30. As the PerfChart below shows, six of the industry group ETFs are up and four are down. The Biotech SPDR (XBI) is the clear leader with a 21% gain in two months, but I am most interested in the Retail SPDR (XRT), Home Construction iShares (ITB) and Regional Bank SPDR (KRE). These three are up and showing leadership recently. ITB is the third best performer with a 6+ percent gain.