Biotech is the undisputed champ of the last week with equal weight (XBI) up almost 23% and cap-weighted (IBB) up 17%. Metals continue to trade well after copper futures rose 13 days in a row through yesterday, as do banks. Gold is the exception, where miners have taken a big leg lower over the last week or so. Bonds have started to turn around a bit intraday but versus a week ago the sharp move higher in yields means much lower prices for high duration securities.

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