No surprise, inflation related staff is the best place to be at the moment. Just look at the chart of Brazilian ETF:
And the Russian one:
And, in contrast, the Chinese ETF clearly shows some signs of fatigue.
May we say : what is good for Russians is bad for Chinese?
As for the US stocks, the trend is about the same: energy stocks are clear outperformers of the broad market, especially if compared to transports and home builders. For last 2 ones I wouldn't be surprised if the tops are already in. In fact, the decline of DOW Transportation and Homebuilders indexes has unfolded in 5 waves from the top, meaning from the Elliott's wave perspective the trend has changed:
