Equities have gotten impervious to just about anything that might spook investors. The political tensions between the U.S. and Iran resulted in an immediate jolt in equities at the end of last week, but Monday saw prices rally all the back to positive territory after an initial decline.

Perhaps it's not coincidental that the Fed stepped in with one of its largest single-day T-bill purchases to date, but the ultimate result was good for equity investors.

Following the Iran conflict, traders actually moved into the yen and euro for safety, not the dollar. I've been pounding the table since the end of last year that emerging markets are a better 2020 bet than U.S. stocks and this trade action suggests that investors may be feeling the same way.

EM has done well over the past month, but developed markets have struggled to keep up. This remains a trend worth watching, but I expect international equities to do well while the dollar moves down.

Gold and other precious metals should be high on your radar. Gold looks ready to make a run at $1600, but Monday's rebound in equities suggests it might not get there quite yet. It's been a solid last couple weeks across the board for precious metals, but it's also getting well into overbought territory in the near-term. It might be wise to wait for a bit of consolidation before a bigger move higher later in the year.

Here is the full scorecard for the week ahead.

ETF Sector Scorecard - Scorecard-18-page-001
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