In this issue:

• iShares MSCI Turkey (TUR) takes flight
• US Natural Gas (UNG) – the downside exception to the commodities rally
• Invesco Solar (TAN) continues to run hot

Programming note: Here begins a periodic update of ETFs that caught your editor’s eye on the trending front. In contrast to our broad-based portfolio strategy edition (see here, for instance), Trend Watch will go granular and tactical. In this space we’ll selectively highlight funds that, for one reason or another, stand out vis-à-vis a wide-ranging list of 146 ETFs that run the gamut, from various measures of US stocks and bonds to commodities, REITs, forex, foreign fixed income, country funds and narrowly defined industry groups. For a complete list of the funds we’re monitoring, see the list below.

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The end of the pandemic’s acute phase, or something genuinely close to it, will arrive when so-called herd immunity is reached. This will mark a meaningful turning point for public health and the economy, which are inextricably linked in the age of Covid-19. That leaves the critical question: When will herd immunity arrive?

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* US Covid-19 surge weakens but unclear if this is a turning point
* Senate votes to to allow Trump impeachment trial to continue
* Senate Democrats working on plan to raise federal minimum wage
* Critics charge that Fed policies are fueling speculative bubbles
* Core consumer inflation in China falls for first time in a decade
* Buy emerging mkts via large-cap value stocks only during crises, study advises
* US small business sentiment slipped to 8-month low in January
* US job openings rise modestly in Dec, but remain well below pre-pandemic peak: