Semis continue to lead with EM participation getting broader. Developed markets have also been quite strong as European megacaps in the Stoxx 50 make our best performers list along with Italy and France.  Underperformers include bond funds, believe it or not, despite the +2 bps performance of TLT in the last week.  Gold and other commodities, however, lead the negative readings over the past five days of performance with MLPs also starting to give up performance.

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