Daily Movers: Brazil EWZ Jumped 4.2%

Wednesday expressed a hard-asset bid, led by Brazil EWZ at +4.16%; EWZ is overbought, and the same tone extended into precious metals. Losses concentrated in Ethereum ETHA, down 0.99%, Real Estate XLRE, down 0.70%, VNQ, down 0.54%, and Taiwan EWT, down 0.28%. Gains came from Gold Miners GDX, up 3.13%, Gold GLD, up 1.52%, South Korea EWY, up 1.74% against a 3M downtrend, and Preferred Stock PFF, up 0.33%.

Equity: Overseas markets led, property lagged

Movers

Outperformers: Brazil EWZ +4.16% (3M: +11.0%), South Korea EWY +1.74% (3M: -16.0%)

Underperformers: Real Estate XLRE -0.70% (3M: +1.4%), Taiwan EWT -0.28% (3M: +2.4%)

3M Leaderboard

Strong: Healthcare XLV +17.7%, Financials XLF +13.7%, Energy XLE +11.7%

Weak: South Korea EWY -16.0%, Technology XLK -6.3%, Nasdaq 100 QQQ -4.6%

Fixed Income: Credit held up, munis lagged

Movers

Outperformers: Preferred Stock PFF +0.33% (3M: -1.9%), Investment Grade Credit LQD +0.12% (3M: -1.8%)

Underperformers: Muni Bonds MUB -0.11% (3M: -1.8%), Global Bonds BNDX -0.04% (3M: -0.9%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.8%, High Yield HYG +0.8%, Short Corporate VCSH +0.3%

Weak: Long Treasuries TLT -2.8%, Preferred Stock PFF -1.9%, Investment Grade Credit LQD -1.8%

Specialty: Precious metals led

Movers

Outperformers: Gold Miners GDX +3.13% (3M: +14.9%), Gold GLD +1.52% (3M: -1.2%)

Underperformers: Ethereum Trust ETHA -0.99% (3M: +32.9%), Real Estate VNQ -0.54% (3M: +2.3%)

3M Leaderboard

Strong: Ethereum Trust ETHA +32.9%, Biotechnology IBB +27.7%, Bitcoin Trust IBIT +18.4%

Weak: Clean Energy ICLN -24.6%, Semiconductors SMH -13.7%, Momentum Factor MTUM -9.8%

Cross-Asset Read

The hard-asset bid framed the cross-asset session: commodity-linked equities and metals led, and fixed income stayed mixed. The 3M structure concentrates in XLV, XLF, XLE, and GDX, and Wednesday extended the standing uptrends in EWZ and GDX while EWY rose against a 3M downtrend and ETHA fell against its 32.9% 3M advance. Volatility is compressed in COPX, GDX, DIA, HYG, and JNK, while overbought flags sit in EWZ and XLE and MUB is oversold; the regime is selective, with hard assets stretched and credit beta quiet.

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.