Natural gas cares little for a surging USD (the third-best performing ETF we track over the past week) and neither does coffee or emerging countries in the Americas. Oil has also held up, along with steel. Biotech has gotten absolutely crushed in the last few days, possibly a market signal that Democrat Hilary Clinton is getting closer to a successful White House bid. Other EM names have underperformed badly along with gold miners and anything related to the UK.
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