Despite every talking head having written off the miners, they were the best performer across US equity sub-indices. In the US equity markets Biotech and REITs also performed well. On the other hand, Nasdaq Insurance and NYSE Arca Oil ETF were the worst…along with the NYSE Composite Index (which represents 61% of all global market capitalization).
And for those dip-buyers proclaiming this is simply an EM crisis that will blow over… the US retailer ETF XRT is down 9.4% in January whereas EEM (the EM ETF) is down 8.6% – foreign crisis or domestic? And – it would appear – that the trades starting the 2nd half of 2013 have been unwound as oddly – Retailers, Emerging Markets, and Junior Gold Miners are all up around 2% from July 4th?!