Clean Energy ICLN Jumped 2.42%

Tuesday delivered a pro-cyclical rotation. Cyclical growth proxies advanced, and duration and havens fell.

Risk-on rotation led, defensives lagged

Movers

Leaders: South Korea EWY +2.27% (3M: -8.3%), Technology XLK +1.31% (3M: -4.9%)

Laggards: Taiwan EWT -2.37% (3M: -3.4%), Consumer Staples XLP -2.07% (3M: +4.9%)

3M Leaderboard

Strong: Energy XLE +17.0%, Healthcare XLV +12.5%, Dividend Quality SCHD +6.5%

Weak: Copper Miners COPX -17.3%, Brazil EWZ -12.1%, China MCHI -11.8%

DAILY · 3M

Credit led, duration lagged

Movers

Leaders: High Yield HYG +0.12% (3M: -1.7%), High Yield Bonds JNK +0.11% (3M: -1.8%)

Laggards: Long Treasuries TLT -0.76% (3M: -1.1%), 7-10yr Treasuries IEF -0.37% (3M: -1.3%)

3M Leaderboard

Strong: Short TIPS VTIP +0.2%, Short Corporate VCSH -0.2%, 3-7yr Treasuries IEI -0.6%

Weak: Preferred Stock PFF -6.5%, EM Sovereign Bonds EMB -2.5%, High Yield Bonds JNK -1.8%

DAILY · 3M

Risk-on specialties led, precious metals lagged

Movers

Leaders: Clean Energy ICLN +2.42% (3M: -11.0%), Ethereum Trust ETHA +2.05% (3M: +19.2%)

Laggards: Gold Miners GDX -1.96% (3M: -7.3%), Gold GLD -0.66% (3M: -7.8%)

3M Leaderboard

Strong: Bitcoin Trust IBIT +19.9%, Ethereum Trust ETHA +19.2%, Biotechnology IBB +12.3%

Weak: Clean Energy ICLN -11.0%, Momentum Factor MTUM -10.0%, Semiconductors SMH -9.0%

DAILY · 3M

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Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.