Natural gas has started to outperform dramatically, up 9% over the past week, besting oil and other strong performers related to that commodity. Brazil has also outperformed, up 5% in the past five trading days, helping to buoy LatAm. Insurance, Financials, China, and the USD have also outperformed. Gold miners continue to suffer, along with gold and silver. Carry plays like REITs, mortgages, and long-term Treasuries have also gotten hit hard.

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