Daily Movers: Gold Miners GDX Tumbled 3.9%

Friday reflected a real-asset unwind. Gold Miners GDX led the reversal, and inflation-sensitive exposures weakened across the field. Semiconductors SMH fell 3.47%. Copper Miners COPX dropped 2.10%. TIPS TIP lost 0.47%. 7-10 Year Treasuries IEF declined 0.41%. Communication Services XLC rose 1.42%. Consumer Discretionary XLY gained 1.15%. Managed Futures DBMF added 0.61%.

Equity: Communication and consumer names led

Movers

Outperformers: Communication Services XLC +1.42% (3M: -2.1%), Consumer Discretionary XLY +1.15% (3M: -2.8%)

Underperformers: Copper Miners COPX -2.10% (3M: +7.5%), S&P MidCap Growth MDYG -1.72% (3M: -0.3%)

3M Leaderboard

Strong: Healthcare XLV +15.0%, Financials XLF +13.0%, Energy XLE +12.2%

Weak: South Korea EWY -12.4%, Russell Growth IWF -3.9%, Utilities XLU -3.2%

Fixed Income: Credit and munis held firmer, rate risk lagged

Movers

Outperformers: Muni Bonds MUB -0.16% (3M: -1.0%), High Yield HYG -0.16% (3M: +0.7%)

Underperformers: TIPS TIP -0.47% (3M: -1.1%), 7-10yr Treasuries IEF -0.41% (3M: -0.9%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.8%, High Yield HYG +0.8%, Short Corporate VCSH +0.3%

Weak: Long Treasuries TLT -2.2%, Preferred Stock PFF -1.9%, Investment Grade Credit LQD -1.6%

Specialty: Defensive strategies led, miners and semis lagged

Movers

Outperformers: Managed Futures DBMF +0.61% (3M: +1.8%), Min Volatility USMV -0.24% (3M: +5.7%)

Underperformers: Gold Miners GDX -3.90% (3M: +11.4%), Semiconductors SMH -3.47% (3M: -7.7%)

3M Leaderboard

Strong: Biotechnology IBB +21.4%, Ethereum Trust ETHA +20.9%, Gold Miners GDX +11.3%

Weak: Clean Energy ICLN -25.6%, Semiconductors SMH -7.6%, Momentum Factor MTUM -5.0%

Cross-Asset Read

The real-asset unwind framed the session across equities, fixed income, and specialty exposures. The 3M leaderboard concentrates in XLV at +15.0%, XLF at +13.0%, XLE at +12.2%, JNK and HYG at +0.8%, VCSH at +0.3%, and IBB, ETHA, and GDX at +21.4%, +20.9%, and +11.3%; Friday broke from that standing trend in GDX, while SMH extended its 3M decline at -7.6%. Vol compression clusters in COPX, GDX, DBMF, HYG, JNK, EMB, ACWV, DIA, and FTLS, and overbought readings sit only in ETHA and IBIT; the regime is selective, with nine compression flags against two overbought signals.

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.