Daily Movers: Copper Miners COPX Rose 3.2%

Thursday fit a pro-cyclical rotation. Copper Miners COPX led with a 3.23% gain against a 3M downtrend. Consumer Staples XLP fell 1.41%, Energy XLE dropped 1.40%, Managed Futures DBMF lost 0.13%, and Minimum Volatility USMV slipped 0.05%. Technology XLK rose 2.18%, Gold Miners GDX climbed 3.06%, Semiconductors SMH advanced 2.48%, and International Bonds BNDX added 0.40%.

Equity: Risk-on rotation favored growth, defensives lagged

Movers

Leaders: Copper Miners COPX +3.23% (3M: -7.8%), Technology XLK +2.18% (3M: +31.0%)

Laggards: Consumer Staples XLP -1.41% (3M: +1.2%), Energy XLE -1.40% (3M: -4.9%)

3M Leaderboard

Strong: Taiwan EWT +37.6%, South Korea EWY +31.9%, Technology XLK +31.0%

Weak: Brazil EWZ -10.8%, Copper Miners COPX -7.8%, China Large Cap FXI -7.4%

Fixed Income: Income-oriented bonds led, defensives lagged

Movers

Leaders: Global Bonds BNDX +0.40% (3M: +0.2%), Preferred Stock PFF +0.36% (3M: +0.8%)

Laggards: Short TIPS VTIP +0.02% (3M: +0.7%), Muni Bonds MUB +0.03% (3M: +1.0%)

3M Leaderboard (within FI scale)

Strong: EM Sovereign Bonds EMB +2.2%, High Yield Bonds JNK +1.1%, Muni Bonds MUB +1.0%

Weak: Long Treasuries TLT -1.7%, 7-10yr Treasuries IEF -0.9%, Int. Treasuries VGIT -0.5%

Specialty: Counter-trend miners rallied, semis extended leadership

Movers

Leaders: Gold Miners GDX +3.06% (3M: -22.8%), Semiconductors SMH +2.48% (3M: +43.7%)

Laggards: Managed Futures DBMF -0.13% (3M: +2.4%), Min Volatility USMV -0.05% (3M: +4.0%)

3M Leaderboard

Strong: Semiconductors SMH +43.7%, Momentum Factor MTUM +23.8%, Biotechnology IBB +14.8%

Weak: Gold Miners GDX -22.8%, Ethereum Trust ETHA -21.1%, Gold GLD -13.0%

Cross-Asset Read

Pro-cyclical rotation framed the session across equities, specialty growth, and the bond cohort.
The 3M leadership stack is concentrated in growth-sensitive leaders, with SMH at +43.7%, EWT at +37.6%, EWY at +31.9%, and XLK at +31.0%; Thursday extended the standing uptrends in XLK and SMH, while COPX and GDX rose with 3M returns of -7.8% and -22.8%.
Volatility is selective: XLV sits in expansion, EWG, INDA, VGK, AGG, BNDX, EMB, and DBMF sit in compression, and IBB is overbought; the regime pairs pro-cyclical leadership with compressed risk outside healthcare.

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.