The difficult past week affected key US ETFs. As shown, declines of 3-5% were seen across the board last week for US related equity ETFs. The losses have left the Dow in negative territory for the year-to-date, and the smallcap Russell 2,000 (IWM) is down nearly 10% YTD. Energy, Materials, Industrials and Technology were the worst performing sectors last week. Globally, we did see strength in Brazil (EWZ) and Hong Kong (EWH) for the week, but everything else was in the red. Developed Europe led the way lower, while French (EWQ) and German (EWG) ETFs are now down double-digit percentage points in 2014. While oil and natural gas both fell sharply last week, gold and silver rallied. Treasuries also saw heavy buying as "safety trade" reigned supreme.