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• Over the past six months the decline in the P/E ratio of Tech versus the S&P 500 has fallen by the largest amount since 2002.
• Performance this week has appeared to be largely rotational as the best performers were also those that were the worst performers month-to-date through Friday.
• After seasonal adjustment February saw the third-largest increase in ex petroleum import prices since monthly data begins at the end of the 1980s.

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