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No new lows

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There were zero funds on our Absolute Breakdown report. Dividends and Utilities hit new all-time highs. Mid-cap relative breakout (SDY, REGL, XLU, RYU, IWR, VO). Largest weekly flows to equity funds since Fed's surprise 75 bps hike. Flows return to diversified and agricultural commodity funds (PDBC, DBA).

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