It was a similar story again today in terms of recent ETF performance. Natural gas has outperformed, while financial companies (Banks and Insurance) have led the way within the US equity market. After brutal runs of underperformance, DXJ and HEDJ gained this week as local stock markets in Japan and Europe rallied while EUR and JPY declined versus USD. In terms of underperformance, Biotech and Gold Miners stand out, with a smattering of commodity indices and Energy also prominent.

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