Over the past week the only two ETFs we track up double-digits have been gold miners, finally recovering a bit after a brutal run since the election. Commodity markets in EM all performed well, along with Russia, Energy, and REITs. With the yen rally over the week or so, Japanese equities have sold off along with FX-hedged Japanese equities. While Energy commodities are up, E&Ps are down, along with Consumer Discretionary, Semis, and Retail.

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