GDX Rose 3.18% Monday as Gold Miners Led

Gold Miners GDX rose 3.18% on Monday, leading the ETFs we track. Energy XLE also advanced sharply, up 2.64%. India INDA was the weakest equity fund in the session, down 2.85%. In fixed income, longer-duration Treasuries lagged; TLT fell 0.60%.

Equity: India tanked 2.85%

Leaders: Energy XLE +2.64% (3M perf: +7.3%), Copper Miners COPX +1.88% (-1.6%)

Laggards: India INDA -2.85% (3M perf: -9.4%), Brazil EWZ -1.18% (+0.6%)

3M Regime

Strong: South Korea EWY (3M perf: +53.0%), Taiwan EWT (+37.3%), Technology XLK (+24.2%)

Weak: India INDA (3M perf: -9.4%), Healthcare XLV (-8.1%), China MCHI (-5.3%)

Signals to Monitor

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

Overbought: Emg. Markets EEM, Taiwan EWT, South Korea EWY

Fixed Income: Long Treasuries slid 0.60%

Leaders: Short TIPS VTIP +0.08% (3M perf: +1.5%), Muni Bonds MUB -0.06% (unch.)

Laggards: Long Treasuries TLT -0.60% (3M perf: -1.2%), 7-10yr Treasuries IEF -0.34% (-0.6%)

3M Regime

Strong: Preferred Stock PFF (3M perf: +1.6%), Short TIPS VTIP (+1.5%), TIPS TIP (+1.0%)

Weak: Long Treasuries TLT (3M perf: -1.2%), 7-10yr Treasuries IEF (-0.6%), Global Bonds BNDX (-0.5%)

Signals to Monitor

Volatility Compression: Muni Bonds MUB, Preferred Stock PFF, TIPS TIP

Specialty: Gold Miners rallied 3.18%

Leaders: Gold Miners GDX +3.18% (3M perf: -5.1%), Clean Energy ICLN +2.69% (+14.1%)

Laggards: Long/Short Equity FTLS -0.28% (3M perf: +3.5%), Global REITs REET +0.00% (+4.3%)

3M Regime

Strong: Semiconductors SMH (3M perf: +41.7%), Momentum Factor MTUM (+19.2%), Bitcoin Trust IBIT (+15.9%)

Weak: Gold GLD (3M perf: -6.9%), Gold Miners GDX (-5.1%), Biotechnology IBB (-2.4%)

Signals to Monitor

Volatility Compression: Managed Futures DBMF, Ethereum Trust ETHA, Gold Miners GDX

Overbought: Covered Calls Nasdaq JEPQ, Momentum Factor MTUM, Semiconductors SMH

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.