Gold miners continue to get absolutely smashed as real rates punish the yellow metal. Steel, metals and mining, China, and Lat Am are also prominent on our list of largest declines among ETFs over the last week. On the bull side of the equation, a strong USD is supporting DXJ and HEDJ while biotech has bounced back a bit. The Nasdaq is the best performer among major US indices in part because of biotech, while Momentum stocks, growth, and micro caps have also done well.

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