Natural gas continues to deliver an impressive run of outperformance with an 8% gain versus a week ago for UNG. Banks and other financials have also rallied significantly over the past week as the more hawkish tone from the Fed pushed up short-term interest rates. The USD has also performed well, while emerging markets have been hit including South Africa, Mexico, Poland, and Turkey. Gold miners have also continued their recent run of underperformance.

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