Biotechs and banks have led the rally out of the election but small caps are arguably more impressive with various flavors of S&P 600 and Russell 2000 indices flying and even the micro caps getting in on the action in a big way. Infrastructure plays (PKB, SLX, FXR) have also performed well. On the losing side of the equation Mexico and the rest of EM continue to grind lower while gold and the bond market also underperform dramatically.

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