Daily Movers: Copper Miners COPX Jumped 3.4%

Copper Miners COPX led the ETFs we track on Friday with a +3.38% gain. The session posted clear directional gains across the groups we cover.

Equity: Materials and miners extend the hard-asset bid

Today's Movers

Outperformers: Copper Miners COPX +3.38% (3M: +12.5%), Materials XLB +1.87% (3M: +6.6%)

Underperformers: South Korea EWY -0.75% (3M: +59.0%), Communication Services XLC -0.42% (3M: -2.1%)

3M Leaderboard

Strong: South Korea EWY +59.0%, Taiwan EWT +46.6%, Value Factor VLUE +37.7%

Weak: China MCHI -5.1%, Utilities XLU -4.5%, China Large Cap FXI -2.6%

Fixed Income: Credit and global income lead, Treasuries lag

Today's Movers

Outperformers: Global Bonds BNDX +0.17% (3M: +1.3%), Preferred Stock PFF +0.16% (3M: +2.7%)

Underperformers: Long Treasuries TLT -0.24% (3M: +0.3%), 7-10yr Treasuries IEF -0.17% (3M: -0.5%)

3M Leaderboard (within FI scale)

Strong: EM Sovereign Bonds EMB +3.5%, Preferred Stock PFF +2.7%, High Yield Bonds JNK +2.5%

Weak: 7-10yr Treasuries IEF -0.5%, 3-7yr Treasuries IEI -0.4%, Int. Treasuries VGIT -0.4%

Specialty: Miners and semis lead, crypto stays weak

Today's Movers

Outperformers: Gold Miners GDX +2.97% (3M: -14.2%), Semiconductors SMH +1.72% (3M: +60.1%)

Underperformers: Ethereum Trust ETHA -1.02% (3M: -20.9%), Bitcoin Trust IBIT -0.03% (3M: -10.7%)

3M Leaderboard

Strong: Semiconductors SMH +60.1%, Momentum Factor MTUM +33.4%, Infrastructure PAVE +15.1%

Weak: Ethereum Trust ETHA -20.9%, Gold GLD -16.1%, Gold Miners GDX -14.2%

Notable Setups

Equity Trend-break risk: South Korea EWY (top decliner today -0.75%, 3M leader +59.0%)

Equity Volatility Compression: High Dividend DVY

Equity Volatility Expansion: Taiwan EWT, US Technology IYW, Nasdaq 100 QQQ

Specialty Counter-trend rally: Gold Miners GDX (top mover today +2.97%, 3M laggard -14.2%)

Specialty Volatility Expansion: Momentum Factor MTUM, Semiconductors SMH

Cross-Asset Read

Directional gains framed Friday’s session across assets; cyclical equity strength coincided with duration softness. EWY, EWT, and SMH sit at the top of the 3M leaderboards at +59.0%, +46.6%, and +60.1%, which leaves the directional tape concentrated in extended leaders. EWT, IYW, and QQQ sit in vol expansion while DVY sits in vol compression; that split resolves the next directional move if expansion broadens beyond the growth cluster.

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.