Daily Movers: Copper Miners COPX Jumped 4.10%

Tuesday fit a hard-asset bid. Copper Miners COPX led, and the move centered on cyclical commodity exposure. Health Care XLV fell 2.52%, China Large-Cap FXI dropped 2.45%, Biotech IBB declined 2.17%, and Bitcoin IBIT lost 1.86%. Brazil EWZ rose 1.98%, Clean Energy ICLN climbed 3.04%, Momentum MTUM gained 1.26%, and TIPS TIP edged up 0.07%.

Equity: Resource-linked equities led, healthcare and China lagged

Movers

Leaders: Copper Miners COPX +4.10% (3M: +16.5%), Brazil EWZ +1.98% (3M: +15.7%)

Laggards: Healthcare XLV -2.52% (3M: +10.0%), China Large Cap FXI -2.45% (3M: +1.7%)

3M Leaderboard

Strong: Copper Miners COPX +16.5%, Brazil EWZ +15.7%, Energy XLE +11.8%

Weak: Consumer Discretionary XLY -1.0%, Russell Growth IWF +0.1%, Nasdaq 100 QQQ +0.4%

Fixed Income: Income and inflation hedges led, core bond proxies lagged

Movers

Leaders: Preferred Stock PFF +0.10% (3M: -0.5%), TIPS TIP +0.07% (3M: -0.2%)

Laggards: Mortgage-Backed MBB -0.20% (3M: -0.2%), Global Bonds BNDX -0.13% (3M: -0.4%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.1%, High Yield HYG +1.0%, Short Corporate VCSH +0.5%

Weak: Muni Bonds MUB -1.9%, Long Treasuries TLT -1.7%, Investment Grade Credit LQD -1.2%

Specialty: Counter-trend clean energy rallied, biotech and crypto lagged

Movers

Leaders: Clean Energy ICLN +3.04% (3M: -12.6%), Momentum Factor MTUM +1.26% (3M: -1.9%)

Laggards: Biotechnology IBB -2.17% (3M: +24.2%), Bitcoin Trust IBIT -1.86% (3M: +23.7%)

3M Leaderboard

Strong: Ethereum Trust ETHA +47.2%, Gold Miners GDX +25.1%, Biotechnology IBB +24.2%

Weak: Clean Energy ICLN -12.6%, Semiconductors SMH -4.1%, Infrastructure PAVE -2.8%

Cross-Asset Read

Tuesday kept the hard-asset bid intact across equities, specialty exposures, and inflation-linked rates.
Structural leadership concentrates in COPX at 16.5%, EWZ at 15.7%, and XLE at 11.8% in equity; JNK at 1.1%, HYG at 1.0%, and VCSH at 0.5% lead fixed income; ETHA at 47.2%, GDX at 25.1%, and IBB at 24.2% lead specialty, and Tuesday extended the standing strength in COPX and EWZ while IBB fell against its 3M advance.
Volatility is compressed in COPX, GDX, ACWV, DIA, HYG, and JNK; EWZ is overbought and MUB is oversold, so the cross-asset regime is selective, trend-led, and centered on hard-asset leadership.

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.