Chinese shares rallied today on hopes that MSCI would include onshore Chinese listings in its global indices.  Biotech continues to trade well over the last few days as do mid-cap and small-cap growth stocks.  Gold remains the most painful trade at the moment with the 7 worst performing ETFs we track over the last week all involving some kind of gold exposure. Finally, notable: the two most overbought ETFs we track are both short volatility products that are basically inverse VIX funds.

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