The ratio of XBI (S&P Biotech, equal-weight) to XOP (S&P Oil & Gas Exploration & Production, equal-weight) hit a new all-time low today and that sums up the state of our ETF universe well. Biotech, Health Care, and Pharma are leading the charge, with bonds also performing well, while oil stocks, retail, and a smattering of EM underperform sharply.
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