European equities continue to outperform over the last five days with Natural Gas the best performing ETF we track despite chaos in the Energy sector more broadly. XES, OIH, XOP, IEO, and XLE all have capitulation-type charts with a huge flush on the 6% decline in front-month WTI yesterday and no recovery visible today. Russia, steel, metals and mining, and commodities more broadly have had a painful run of late.
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