COPX Sank 3.04% Monday as Copper Miners Led Losses

Copper Miners (COPX) fell 3.04% on Monday, the sharpest move across the ETF groups we track. Other notable laggards included Germany (EWG), down 2.01%, and Gold (GLD), off 2.00%, while Specialty leaders Bitcoin Trust (IBIT) and Ethereum Trust (ETHA) rose 2.09% and 2.01%, respectively.

Equity: Copper Miners tanked 3.04%

Leaders: South Korea EWY +0.98% (3M perf: +35.3%), Energy XLE +0.92% (+19.4%)

Laggards: Copper Miners COPX -3.04% (3M perf: -10.0%), Germany EWG -2.01% (-4.6%)

3M Regime

Strong: South Korea EWY (3M perf: +35.3%), Taiwan EWT (+31.1%), Energy XLE (+19.4%)

Weak: Copper Miners COPX (3M perf: -10.0%), India INDA (-8.7%), China MCHI (-7.0%)

Signals to Monitor

Volatility Compression: Copper Miners COPX, Dow Jones DIA, High Dividend DVY

Overbought: Taiwan EWT, US Technology IYW, Nasdaq 100 QQQ

Fixed Income: Long Treasuries slid 0.76%

Leaders: Short TIPS VTIP +0.00% (3M perf: +1.6%), Short Corporate VCSH -0.06% (+0.1%)

Laggards: Long Treasuries TLT -0.76% (3M perf: -0.8%), EM Sovereign Bonds EMB -0.51% (+0.2%)

3M Regime

Strong: Short TIPS VTIP (3M perf: +1.6%), TIPS TIP (+1.4%), Preferred Stock PFF (+0.4%)

Weak: Long Treasuries TLT (3M perf: -0.8%), Global Bonds BNDX (-0.5%), Investment Grade Credit LQD (-0.5%)

Signals to Monitor

Overbought: Short TIPS VTIP

Specialty: Bitcoin Trust rose 2.09%

Leaders: Bitcoin Trust IBIT +2.09% (3M perf: +2.7%), Ethereum Trust ETHA +2.01% (+1.5%)

Laggards: Gold GLD -2.00% (3M perf: -2.9%), Gold Miners GDX -1.68% (-9.1%)

3M Regime

Strong: Semiconductors SMH (3M perf: +24.2%), Clean Energy ICLN (+13.9%), Momentum Factor MTUM (+10.1%)

Weak: Gold Miners GDX (3M perf: -9.1%), Gold GLD (-2.9%), Biotechnology IBB (-2.2%)

Signals to Monitor

Volatility Compression: Managed Futures DBMF, Ethereum Trust ETHA, Long/Short Equity FTLS

Overbought: Covered Calls Nasdaq JEPQ, Momentum Factor MTUM, Semiconductors SMH

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.