There have been remarkably few ETFs trading down by a substantial amount over the last few days. Natural gas (smoked by warmer-than-expected winter weather) Semis, Turkey, and oil-related stocks have been the only ETFs we track losing over 1%. There have, on the other hand, been a number of big gainers. Gold, EM, Coffee, and Telecoms have been the best performers. REITs have also been solid performers as interest rates have reversed their gains somewhat in recent sessions.

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