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Despite gold prices bouncing off their April lows, investors continue to pull money out of the precious metal and plow it into equities, as the stock market keeps climbing to new highs.
Since bottoming at $1,321.50 on April 16, gold prices have stabilized and rallied more than 11 percent, but the SPDR Gold Trust ETF has had more than $4.4 billion in outflows, according to IndexUniverse.com.
The exodus from the biggest commodity ETF is nothing new. Last month, the GLD experienced $6.8 billion in outflows, putting the total figure so far this year at $14 billion.
As fund flows decrease, the GLD is no longer the sixth-largest holder of gold in the world. For the first time since the second quarter of 2008, the ETF's bullion levels fell below China's gold reserves.
The Dow is up 20 percent since the most recent low on Nov. 15, but 12 stocks that have been kicked out of the index over the years have risen an average of 30 percent. These are all stocks of companies (or their descendants) that are former Dow components, comprising the ones that still trade in some form.
As a comparison, CNBC looked at the performance of the 10 new Dow members since November 1999, when Intel and Microsoft became the first tech and non-NYSE traded stocks to be included. Those 10 stocks had an average gain of 24 percent between the November low and now, better than the overall gain for the index but still shy of the 30 percent increase chalked up by the ousted stocks.
(Read More: Rotate! What's Fueling S&P 500 Rally)
Here is a look at the performance of the stocks in the "rejects" club since mid-November.
In a relentless rally, the S&P 500 is up 19.3 percent since mid-November, breaching 1,600 for the first time ever on Friday and settling at a record close of 1,614.42.
Since the low last November, five S&P sectors are already in bull market territory: financials, health care, consumer discretionary, utilities and consumer staples are all up more than 20 percent.
More than 86 percent of the S&P 500 stocks are trading above their 50-day moving average. Some of those companies, however, have significantly broken out from their trading range.
Price momentum is a relatively short-term occurrence, and as it starts to wane, the stocks that have deviated too far from their respective averages tend to revert back to their means.
Case in point: First Solar. Although FSLR lost almost 9 percent on Monday's trading session after missing first quarter estimates, the stock has moved more than 31 percent away from its 50-day moving average.
Similarly, Gamestop is trading more than 27 percent away from its 50-day moving average. Gamestop and First Solar are among the most shorted stocks in the S&P index, with more than 30 percent of their float sold short.
The S&P 500, which has also gained significant upside momentum since the beginning of the year, is up more than 4 percent from its 50-day moving average for the first time since mid-February.
Here are some additional names trading at "overbought" levels.
After a temporary drop in the second half of March, short interest is back on the rise.
The NYSE recently reported that in the first half of April short interest rose to 13.36 billion shares from 13.23 billion on March 28, a one percent increase.
Likewise, NASDAQ also showed an increase of 1.4 percent in short interest during the same period.
According to data from FactSet, more than 58 percent of S&P 500 companies saw a spike in short interest in the first two weeks of April.
Short interest measures the total number of shares of a security that has been sold short, expressed as a percent of total tradable shares.
Investors track short-interest levels to gain a sense of where a stock might be headed, along with some insight into whether any positive news might force short traders to cover their positions, pushing stocks higher.
J.C. Penney, Gamestop and First Solar, for example, have some of the highest ratios in the S&P 500 index, with more than 30 percent of their float sold short.
Here is a look at the most heavily shorted stocks:
After giving investors 12 consecutive years of gains, gold has been anything but golden this year.
Capped by its worst intraday drop in history on Monday, gold prices are now down about $112 ,or 7.5 percent in the past two days. (Read More: How Gold's Fall Will Affect World's Biggest Consumer)
Following Monday's technical breakdown, gold hit a low of $1,321.50 on Tuesday for the first time since Jan. 28, 2011, before bouncing back about 4 percent by midafternoon. Also capturing traders' attention is the precipitous drop from its record close on Aug. 22, 2011, when gold prices settled at $1,888.70.
Deflation fears in the U.S. and worries that Cyprus may sell gold holdings to help with its bailout sent gold falling nearly 5 percent last week, its worst week in 16 months.
(Read More: Here's Why Gold Is Getting Crushed)
The strengthening dollar also has not helped gold, which is priced in U.S. dollars. The Dollar Index has gone up in value nearly 3 percent in 2013, mostly on expectations the Federal Reserve may contemplate tapering stimulus measures later this year.
Gold's steady decline is adding enormous pressure on both gold ETFs and gold stocks in recent months.
Consider the widely held SPDR Gold Trust which traded a record 93.8 million shares on Monday, 8.5 times its average volume this year. Selling also has been intense in the second-largest ETF for weeks. The SPDR Gold Trust has already seen $8.6 billion in outflows this year, far more than any other ETF in 2013, according to IndexUniverse.com.
As a result of those outflows, the SPDR Gold Trust, which is backed by gold, has become a notable seller of the bullion. The ETF is still the sixth-largest holder of gold in the world, with over 1,158 tonnes of the bullion stored in highly secured vaults. However,that's down from its peak holdings of 1,351 tonnes in mid-December.
Since then, the ETF's gold holdings have shrunk by about 193 tonnes.
That's a significant amount. For some perspective, that's more than the gold reserves in countries including Thailand, Singapore, Sweden, South Africa or Mexico—among others. It's also more than the quarterly net-gold purchases made by central banks all around the world during the last two years.
According to the World Gold Council, central bank net purchases of gold never exceeded 161 tonnes in any quarter during 2011 or 2012.
As poorly as gold has performed (down 17 percent year to date), gold stocks have been hit much harder in 2013. Both the CBOE Gold Index, which tracks the major gold stocks, and the Market Vectors Gold Miners ETF plunged over 30 percent so far this year.
The Dow Jones Industrial Average closed in the green on Tuesday, marking the fourteenth consecutive time the index rises on the second trading day of the week.
So far this year, Tuesday has been the best day of the week, with an average increase of 0.46 percent. And the second best? Friday, with a gain of 0.33 percent.
On the other hand, Monday has been the only negative day, with the Dow falling in 9 of the last 13 instances.
Tuesday also marks the year's 72nd trading session that the Dow avoids a three-day losing streak.
The last time the Dow went this far into the start of a year without a three-day losing streak was 1930.
But that streak didn't help much since the index finished the year with a loss of almost 34 percent.
The Dow Jones Industrial Average closed at another record high on Tuesday for the eleventh time in the last twenty trading sessions. After posting its best first quarter since 1998, up 11.25 percent, what's next for the Dow?
Since 1950, there have been 12 other instances when the index was up more than 8 percent in the first quarter. In eight of those times, the Dow finished the second quarter with a gain of at least 1 percent.
In fact, there were five occasions when it rose more than 4 percent in the second quarter following a strong first quarter (1995, 1987, 1986, 1975 and 1954).
April, for example, has been the best month of the year, posting an average monthly increase of 2.7 percent in the last 20 years and 1.97 percent in the past 63 years.
While there are bumps along the way, most of the time, the Dow tends to build up on its gains following a strong first quarter. Historically, a strong first quarter also correlates with strong gains for the full year. (Read More: Dow's Best First Quarter Since 1998? Here's What Could Happen Next)
Given the speed and magnitude of the recent sell-off in gold, what's next for the precious metal?
Since 1979, there have been six previous instances when gold plunged more than 10 percent in two days. In five of those times, gold bounced back nearly 5 percent in the two weeks that followed.
The bounce, however, remained only temporary as prices continued to decline in the long-term. In fact, seven and eight weeks out, the sell-off accelerated and the price dipped more than 5 percent.
Today, Barclays' technical team revised its downside targets toward $1275-$1350, the lowest level since September 2010.
Here's a look at how gold prices performed, on average, in the weeks following a two-day decline of more than 10 percent.
It was the sixth-consecutive day that the index set a record. In July, it broke its all-time high set in December 2000.
So far this year, the health care group is up 17 percent, outperforming not only the broader market, but rest of the nine major S&P 500 sectors. The last time the sector was up this much in a quarter was in Q2 2000, when it rose 23 percent.
Tuesday's surge followed the Centers for Medicare & Medicaid Services announcement of an increase in the payment rate by 3.3 percent in 2014 for insurers that offer coverage through the popular Medicare Advantage program. (Read More: In Reversal, US to Raise Medicare Advantage Payment Rate)
Although the health care sector is traditionally considered a "defensive play" during economic downturns, the projected increase in both revenue and profit this year, as a result of major changes under the U.S. health care law, has helped many of these stocks move higher.
Here's a look at some of the largest managed-health care companies and their performance year-to-date.