Daily Movers: Gold Miners GDX Surged 7.4%

Wednesday brought a hard-asset bid. Gold Miners GDX surged 7.39%, Gold GLD rose 4.14%, and Copper Miners COPX gained 3.25%. The field softened outside defensives and duration. Energy XLE fell 2.07%, Clean Energy ICLN dropped 1.84%, South Korea EWY lost 1.17%, and Momentum MTUM declined 1.08%. Health Care XLV added 1.27%, and Long Treasuries TLT edged up 0.22%.

Equity: Copper miners and health care led, energy lagged

Movers

Outperformers: Copper Miners COPX +3.25% (3M: +11.3%), Healthcare XLV +1.27% (3M: +13.5%)

Underperformers: Energy XLE -2.07% (3M: -2.9%), South Korea EWY -1.17% (3M: -2.5%)

3M Leaderboard

Strong: Value Factor VLUE +13.9%, Healthcare XLV +13.5%, Financials XLF +12.8%

Weak: Brazil EWZ -8.2%, Utilities XLU -5.2%, Communication Services XLC -3.9%

Fixed Income: Duration led, credit softened

Movers

Outperformers: Long Treasuries TLT +0.22% (3M: -1.7%), 7-10yr Treasuries IEF +0.06% (3M: -0.3%)

Underperformers: High Yield Bonds JNK -0.08% (3M: +1.1%), EM Sovereign Bonds EMB -0.05% (3M: +0.9%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.1%, High Yield HYG +1.0%, Global Bonds BNDX +0.9%

Weak: Long Treasuries TLT -1.7%, Preferred Stock PFF -0.9%, TIPS TIP -0.9%

Specialty: Gold climbed against a 3M downtrend, clean energy lagged

Movers

Outperformers: Gold Miners GDX +7.39% (3M: -2.5%), Gold GLD +4.14% (3M: -6.8%)

Underperformers: Clean Energy ICLN -1.84% (3M: -14.8%), Momentum Factor MTUM -1.08% (3M: +6.6%)

3M Leaderboard

Strong: Biotechnology IBB +12.6%, Semiconductors SMH +9.0%, Momentum Factor MTUM +6.6%

Weak: Bitcoin Trust IBIT -20.6%, Ethereum Trust ETHA -19.1%, Clean Energy ICLN -14.8%

Cross-Asset Read

A hard-asset bid framed the cross-asset session, with defensives and duration as the only adjacent pockets of support. The 3M leadership cluster sits in VLUE at +13.9%, XLV at +13.5%, and XLF at +12.8%; Wednesday extended that structure in XLV and COPX, while GLD rose against a 3M downtrend. Volatility expands in DVY, SCHD, SDY, and FTLS, while compression holds in AGG, BNDX, EMB, ETHA, IBIT, and ICLN; the regime is selective, with hard assets bid and volatility concentrated outside core duration.

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.