Copper Miners COPX Surged 4.29%

Friday saw hard-asset leadership. Copper Miners COPX led, and leadership concentrated in miners.

China-linked cyclicals led

Movers

Outperformers: Copper Miners COPX +4.29% (3M: +15.3%), China Large Cap FXI +2.36% (3M: +2.4%)

Underperformers: Communication Services XLC -1.51% (3M: -0.8%), Select Dividend DVY -0.69% (3M: -3.0%)

3M Leaderboard

Strong: Brazil EWZ +23.0%, Energy XLE +15.4%, Copper Miners COPX +15.3%

Weak: Utilities XLU -8.8%, Real Estate XLRE -6.1%, Industrials XLI -5.9%

Counter-trend bounce in munis and EM debt

Movers

Outperformers: Muni Bonds MUB +0.34% (3M: -4.7%), EM Sovereign Bonds EMB +0.23% (3M: -3.1%)

Underperformers: TIPS TIP -0.10% (3M: -2.5%), Corporate Credit VCIT -0.09% (3M: -2.5%)

3M Leaderboard

Strong: Short Corporate VCSH -0.3%, Short TIPS VTIP -0.4%, Global Bonds BNDX -1.2%

Weak: Long Treasuries TLT -6.0%, Muni Bonds MUB -4.7%, 7-10yr Treasuries IEF -3.2%

Biotech and miners led, semis lagged

Movers

Outperformers: Biotechnology IBB +3.00% (3M: +8.9%), Gold Miners GDX +2.95% (3M: +21.7%)

Underperformers: Semiconductors SMH -0.65% (3M: +3.0%), Long/Short Equity FTLS +0.03% (3M: +4.4%)

3M Leaderboard

Strong: Ethereum Trust ETHA +39.6%, Bitcoin Trust IBIT +32.2%, Gold Miners GDX +21.7%

Weak: Clean Energy ICLN -7.2%, Global REITs REET -7.2%, Real Estate VNQ -6.5%

Related

• Tactical Trends: Equity Reclaims 20-Day Averages, Leaders Stay Narrow
• Intermediate Trends: Emerging Markets Recovery Lacks Confirmation
• SPY candlestick signals: forward returns by pattern and sentiment
• Fear and greed: today's market sentiment reading

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.