Daily Movers: South Korea EWY Rose 3.90%

Thursday fit a counter-trend rebound. South Korea EWY rose against a 3M downtrend, and similar strength appeared in other recent laggards across duration and cyclical equity exposures. Communications XLC fell 0.58%, Managed Futures DBMF dropped 0.31%, and Financials XLF slipped 0.09%. Copper Miners COPX rose 2.87%, Long Treasuries TLT gained 1.11%, Gold Miners GDX climbed 3.36%, and Semiconductors SMH advanced 2.76%.

Equity: Korea and miners led, financials and media lagged

Movers

Leaders: South Korea EWY +3.90% (3M: -11.1%), Copper Miners COPX +2.87% (3M: +0.2%)

Laggards: Communication Services XLC -0.58% (3M: +3.2%), Financials XLF -0.09% (3M: +3.7%)

3M Leaderboard

Strong: Energy XLE +18.8%, Healthcare XLV +12.5%, Brazil EWZ +10.6%

Weak: South Korea EWY -11.1%, Industrials XLI -5.7%, Utilities XLU -5.6%

Fixed Income: Duration rebounded against a 3M downtrend

Movers

Leaders: Long Treasuries TLT +1.11% (3M: -4.2%), Preferred Stock PFF +0.77% (3M: -1.7%)

Laggards: Short TIPS VTIP +0.10% (3M: unch.), Short Corporate VCSH +0.23% (3M: unch.)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.3%, High Yield HYG +0.2%, Short Corporate VCSH unch.

Weak: Long Treasuries TLT -4.2%, Muni Bonds MUB -2.8%, Investment Grade Credit LQD -2.1%

Specialty: Miners led, semis bounced against a 3M downtrend

Movers

Leaders: Gold Miners GDX +3.36% (3M: +13.7%), Semiconductors SMH +2.76% (3M: -10.2%)

Laggards: Managed Futures DBMF -0.31% (3M: +4.9%), Infrastructure PAVE +0.30% (3M: -8.6%)

3M Leaderboard

Strong: Ethereum Trust ETHA +41.3%, Biotechnology IBB +19.4%, Bitcoin Trust IBIT +19.1%

Weak: Clean Energy ICLN -13.4%, Semiconductors SMH -10.2%, Infrastructure PAVE -8.6%

Cross-Asset Read

Thursday fit a counter-trend rebound across equities, duration, and cyclical specialty exposures. The 3M leaderboard stays concentrated in XLE, XLV, EWZ, ETHA, IBB, and IBIT, and today broke from that standing structure as EWY, TLT, and SMH rose against 3M downtrends while GDX extended its 3M uptrend. Volatility expands in rate-sensitive fixed income, with AGG, IEF, and IEI in expansion, while ACWV, EEM, EWJ, FTLS, IBB, and ICLN sit in compression; the cross-asset regime is a rebound led by recent laggards rather than by the established 3M leaders.

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.