Daily Movers: South Korea EWY Jumped 3.25%

Friday fit a counter-trend rebound. South Korea EWY led with a 3.25% gain against a 3M downtrend. Brazil EWZ fell 0.96%, Utilities XLU slipped 0.31%, TIPS TIP declined 0.46%, and VTIP lost 0.28%. Japan EWJ rose 2.20%, Preferred Stock PFF gained 0.60%, Municipals MUB advanced 0.44% against a 3M downtrend, and Ether ETHA climbed 3.23%.

Equity: Northeast Asia led, Brazil lagged

Movers

Outperformers: South Korea EWY +3.25% (3M: -5.1%), Japan EWJ +2.20% (3M: +7.5%)

Underperformers: Brazil EWZ -0.96% (3M: +10.8%), Utilities XLU -0.31% (3M: -3.2%)

3M Leaderboard

Strong: Energy XLE +14.9%, Brazil EWZ +10.8%, Financials XLF +9.2%

Weak: South Korea EWY -5.1%, Utilities XLU -3.1%, Consumer Discretionary XLY -2.7%

Fixed Income: Income and munis led, inflation hedges lagged

Movers

Outperformers: Preferred Stock PFF +0.60% (3M: -1.4%), Muni Bonds MUB +0.44% (3M: -2.8%)

Underperformers: TIPS TIP -0.46% (3M: -1.8%), Short TIPS VTIP -0.28% (3M: -0.4%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK -0.1%, High Yield HYG -0.2%, Short TIPS VTIP -0.4%

Weak: Long Treasuries TLT -4.9%, Investment Grade Credit LQD -3.2%, Muni Bonds MUB -2.8%

Specialty: Crypto and semis led, biotech lagged

Movers

Outperformers: Ethereum Trust ETHA +3.23% (3M: +50.9%), Semiconductors SMH +1.47% (3M: -6.7%)

Underperformers: Biotechnology IBB +0.14% (3M: +19.0%), Bitcoin Trust IBIT +0.21% (3M: +21.4%)

3M Leaderboard

Strong: Ethereum Trust ETHA +50.9%, Gold Miners GDX +24.9%, Bitcoin Trust IBIT +21.4%

Weak: Clean Energy ICLN -13.4%, Semiconductors SMH -6.7%, Infrastructure PAVE -5.3%

Cross-Asset Read

Friday fit a counter-trend rebound across equities and rates, with rebounds surfacing inside weak 3M pockets even as the standing leaders sit elsewhere. Leadership concentrates in XLE, EWZ, and XLF in equity and in ETHA, GDX, and IBIT in specialty; ETHA and EWJ extended existing 3M uptrends, while EWY rose against a 3M downtrend and EWZ fell against a strong 3M uptrend. Volatility expands in MUB and TLT, while compression holds in ACWV, COPX, DIA, HYG, PFF, GDX, and IBB; the cross-asset field reads as selective, with counter-trend price action inside a mixed and dispersion-heavy regime.

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.