Biotech (IBB) and Equal-Weighted Nasdaq 100 ETFs (QQEW & QQQE) broke out to significant new highs last week. U.S. dominance continued with the S&P 500 (SPY), Russell 1000 (IWB), and Russell 3000 (IWV) all breaking out to new all-time highs relative to the MSCI ACWI. Apart from energy funds, commodity weakness was widespread. Precious metal, industrial metal, and agriculture funds all broke to significant new lows last week.
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