Who would have thought that in the week surrounding an executive order pulling out of NAFTA, Mexican equities would dramatically outperform in USD terms? Brazil and Poland have also done well while the homebuilders have been the strongest stocks in the US following very solid existing home sales data yesterday (which we discussed in The Closer last night). On the losing side over the last 5 days, biotech, Pharma, and long-term Treasuries continue to decline. Precious metals and the USD have also declined; interestingly GLD and UUP have identical performance over the last five sessions, an unusual correlation.

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