Utilities are the best performers over the last week along with a remarkable lineup of four consecutive emerging markets ETFs. India, Turkey, and Poland have all rallied while the Mexican peso’s 3.6% rally over the last three days (keyed by a new program to defend the peso’s value, which we discussed in The Closer earlier this week. In the US equity market, REITs, mortgage-related firms, staples, and low vol stocks have outperformed. The worst performers have been natural gas (a familiar story), metals and mining (US Steel down almost 8% today on fears of a delay in fiscal stimulus plans), and energy companies.
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