Daily Movers: Gold Miners GDX Jumped 3.4%

A defensive bid set the cross-asset tone. Gold Miners GDX led and rose against a 3M downtrend. South Korea EWY fell 1.43%, India INDA dropped 1.15%, Biotech IBB declined 1.22%, and Bitcoin IBIT lost 0.88%. Gold GLD gained 1.15%, Utilities XLU added 2.25%, and Preferreds PFF rose 0.43%.

Equity: Defensives outperformed, Asia lagged

Movers

Outperformers: Brazil EWZ +2.81% (3M: -9.4%), Utilities XLU +2.25% (3M: +2.8%)

Underperformers: South Korea EWY -1.43% (3M: +16.1%), India INDA -1.15% (3M: -3.2%)

3M Leaderboard

Strong: Value Factor VLUE +24.0%, Taiwan EWT +21.7%, Technology XLK +16.7%

Weak: Brazil EWZ -9.4%, China MCHI -7.3%, Communication Services XLC -6.6%

Fixed Income: Short-duration income held up, emerging-market and mortgage debt lagged

Movers

Outperformers: Preferred Stock PFF +0.43% (3M: -1.2%), Short TIPS VTIP -0.02% (3M: +0.3%)

Underperformers: EM Sovereign Bonds EMB -0.30% (3M: +0.2%), Mortgage-Backed MBB -0.28% (3M: -1.0%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.6%, High Yield HYG +0.4%, Short TIPS VTIP +0.3%

Weak: Long Treasuries TLT -2.5%, Investment Grade Credit LQD -1.6%, 7-10yr Treasuries IEF -1.5%

Specialty: Counter-trend gold rally led, biotech and crypto lagged

Movers

Outperformers: Gold Miners GDX +3.36% (3M: -17.5%), Gold GLD +1.15% (3M: -11.7%)

Underperformers: Biotechnology IBB -1.22% (3M: +7.5%), Bitcoin Trust IBIT -0.88% (3M: -12.2%)

3M Leaderboard

Strong: Semiconductors SMH +26.3%, Momentum Factor MTUM +15.8%, Biotechnology IBB +7.5%

Weak: Gold Miners GDX -17.5%, Ethereum Trust ETHA -16.3%, Bitcoin Trust IBIT -12.2%

Cross-Asset Read

A defensive bid set the cross-asset pattern across equity, fixed income, and specialty exposures.
3M leadership concentrates in VLUE, EWT, XLK, SMH, MTUM, and IBB, and Wednesday broke from that structure as EWY and IBB fell against positive 3M trends while GDX rose against a 3M downtrend.
Volatility is compressed in EFA, EFAV, EWG, AGG, BNDX, EMB, DBMF, and REET, and MUB is oversold; the cross-section reads as defensive with compression concentrated in developed equity, core fixed income, and diversifiers.

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.