Oil is the best-performing global asset class over the last week, up over 10% using ETFs USO and DBO as proxies. Energy stocks, especially high-beta oil service ETFs, have also benefited significantly. Broad commodity indices have also done well with natural gas, gold, and other energy performing well. Over the last week, coffee is the worst performer while Biotech, Semis, and other Nasdaq components have underperformed. Big-cap tech in general has been weak, as have momentum stocks.

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