EWY Jumped 3.50% as Growth Led Thursday

Growth-over-value extension defined Thursday’s tape. South Korea EWY rose 3.50% and Taiwan EWT gained 2.77%, adding to strong 3M advances, while Momentum MTUM climbed 0.86% and Clean Energy ICLN surged 3.07%.

The same pattern carried through the laggards. Energy XLE fell 1.12% and China MCHI slid 1.17%, while Gold Miners GDX dropped 0.43% and Gold GLD edged down 0.10%.

In fixed income, Long Treasuries TLT rose 0.37% and Investment Grade Credit LQD added 0.20%. The move marked a modest countertrend bid beside stronger equity leadership.

Current signals put Technology IYW and Nasdaq 100 QQQ in overbought territory, while vol remains compressed in Copper Miners COPX and Dow Industrials DIA.

Equity: Korea and Taiwan lead, China and energy lag

Today's Movers

Leaders: South Korea EWY +3.50% (3M: +31.4%), Taiwan EWT +2.77% (3M: +27.0%)

Laggards: China MCHI -1.17% (3M: -8.3%), Energy XLE -1.12% (3M: +8.4%)

3M Leaderboard

Strong: South Korea EWY +31.4%, Taiwan EWT +27.0%, Technology XLK +26.9%

Weak: India INDA -10.1%, China MCHI -8.3%, China Large Cap FXI -7.5%

Fixed Income: Duration rebounds, inflation-linked bonds lag

Today's Movers

Leaders: Long Treasuries TLT +0.37% (3M: -4.8%), Investment Grade Credit LQD +0.20% (3M: -1.9%)

Laggards: Short TIPS VTIP -0.04% (3M: +1.1%), TIPS TIP unch. (3M: -0.2%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP +1.1%, High Yield Bonds JNK +0.2%, High Yield HYG +0.1%

Weak: Long Treasuries TLT -4.8%, 7-10yr Treasuries IEF -2.5%, Investment Grade Credit LQD -1.9%

Specialty: Momentum and clean energy lead, gold complex lags

Today's Movers

Leaders: Clean Energy ICLN +3.07% (3M: +17.3%), Momentum Factor MTUM +0.86% (3M: +18.7%)

Laggards: Gold Miners GDX -0.43% (3M: -19.1%), Gold GLD -0.10% (3M: -11.0%)

3M Leaderboard

Strong: Semiconductors SMH +36.8%, Momentum Factor MTUM +18.7%, Clean Energy ICLN +17.3%

Weak: Gold Miners GDX -19.1%, Gold GLD -11.0%, Biotechnology IBB -3.0%

Notable Setups

Equity — Volatility Compression: Global Min Vol ACWV, Copper Miners COPX, Dow Jones DIA

Equity — Overbought: US Technology IYW, Nasdaq 100 QQQ, Value Factor VLUE

Fixed Income — Counter-trend rally: Long Treasuries TLT and Investment Grade Credit LQD (today's leaders, 3M laggards)

Fixed Income — Trend-break risk: Short TIPS VTIP (top decliner today -0.04%, 3M leader +1.1%)

Fixed Income — Volatility Compression: Preferred Stock PFF

Specialty — Reversal setup: Gold Miners GDX and Gold GLD (vol compression building in 3M underperformers)

Specialty — Volatility Compression: Ethereum Trust ETHA, Gold Miners GDX, Gold GLD

Specialty — Overbought: Covered Calls Nasdaq JEPQ

Cross-Asset Read

Growth-over-value extension remained the session’s dominant cross-asset pattern, with leadership concentrated in higher-beta growth exposures while value- and hard-asset pockets stayed on the back foot. The stress point is crowding: IYW and QQQ remain overbought, and that leaves the growth complex more vulnerable to digestion even as EWY and EWT continue to extend powerful 3M advances. The unresolved signal sits in the compression cluster—COPX, DIA, and GDX stay compressed—and its resolution determines whether this growth-over-value extension broadens further or starts to stall.

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.