Daily Movers: South Korea EWY Rose 3.8%

Tuesday fit a selective counter-trend rebound. South Korea EWY rose 3.75% against a 3M downtrend and set the day’s cross-asset tone. Energy XLE fell 1.66%. Consumer Staples XLP dropped 1.06%. Managed Futures DBMF lost 0.77%, and Infrastructure PAVE declined 0.52%. Brazil EWZ rose 2.02%. Long Treasuries TLT gained 1.10%. Gold Miners GDX rose 1.91%, and Biotech IBB advanced 1.82%.

Equity: Overseas markets led, energy and staples lagged

Movers

Leaders: South Korea EWY +3.75% (3M: -10.2%), Brazil EWZ +2.02% (3M: -0.7%)

Laggards: Energy XLE -1.66% (3M: +8.0%), Consumer Staples XLP -1.06% (3M: +4.2%)

3M Leaderboard

Strong: Healthcare XLV +18.6%, Financials XLF +12.8%, Copper Miners COPX +10.4%

Weak: South Korea EWY -10.2%, Utilities XLU -3.9%, Russell Growth IWF -3.0%

Fixed Income: Duration caught a bid, munis lagged

Movers

Leaders: Long Treasuries TLT +1.10% (3M: -0.8%), Investment Grade Credit LQD +0.64% (3M: -0.6%)

Laggards: Short TIPS VTIP +0.10% (3M: +0.4%), Muni Bonds MUB +0.16% (3M: -0.2%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.3%, High Yield HYG +1.1%, EM Sovereign Bonds EMB +1.0%

Weak: Long Treasuries TLT -0.8%, Preferred Stock PFF -0.8%, Investment Grade Credit LQD -0.6%

Specialty: Biotech and miners extended gains, infrastructure lagged

Movers

Leaders: Gold Miners GDX +1.91% (3M: +19.2%), Biotechnology IBB +1.82% (3M: +27.7%)

Laggards: Managed Futures DBMF -0.77% (3M: unch.), Infrastructure PAVE -0.52% (3M: -1.0%)

3M Leaderboard

Strong: Biotechnology IBB +27.8%, Gold Miners GDX +19.2%, Ethereum Trust ETHA +19.1%

Weak: Clean Energy ICLN -22.8%, Semiconductors SMH -7.7%, Momentum Factor MTUM -3.6%

Cross-Asset Read

Tuesday fit a selective counter-trend rebound across regions and rates rather than a broad trend reset.
The 3M structure stays concentrated in IBB at +27.8%, GDX at +19.2%, XLV at +18.6%, XLF at +12.8%, and COPX at +10.4%; Tuesday extended the standing uptrends in IBB and GDX, while EWY rose against a 3M downtrend.
Volatility stays compressed in EMB, HYG, JNK, COPX, and GDX, and overbought tags sit on COPX, GDX, ETHA, and GLD; the regime is selective, with leadership concentrated in established winners and a separate rebound pocket in EWY.

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.