Gold Miners GDX Rose 4.34%

Thursday reflected a defensive rotation. Gold Miners GDX set the tone.

Country funds diverged

Movers

Leaders: India INDA +1.93% (3M: -2.0%), Healthcare XLV +1.86% (3M: +10.4%)

Laggards: Brazil EWZ -2.39% (3M: +18.0%), South Korea EWY -2.26% (3M: -3.9%)

3M Leaderboard

Strong: Brazil EWZ +18.0%, Energy XLE +16.1%, Taiwan EWT +12.1%

Weak: Utilities XLU -7.1%, Real Estate XLRE -6.8%, S&P SmallCap Growth SLYG -6.5%

Counter-trend rally in duration

Movers

Leaders: Long Treasuries TLT +1.37% (3M: -4.3%), Investment Grade Credit LQD +0.82% (3M: -2.5%)

Laggards: Short TIPS VTIP +0.14% (3M: -0.4%), Short Corporate VCSH +0.23% (3M: -0.4%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP -0.4%, Short Corporate VCSH -0.4%, Global Bonds BNDX -0.8%

Weak: Long Treasuries TLT -4.3%, Muni Bonds MUB -3.1%, 7-10yr Treasuries IEF -2.7%

Miners and biotech led, momentum names lagged

Movers

Leaders: Gold Miners GDX +4.34% (3M: +22.0%), Biotechnology IBB +2.05% (3M: +9.3%)

Laggards: Momentum Factor MTUM -1.10% (3M: unch.), Semiconductors SMH -1.04% (3M: +0.4%)

3M Leaderboard

Strong: Ethereum Trust ETHA +32.8%, Bitcoin Trust IBIT +28.2%, Gold Miners GDX +22.0%

Weak: Clean Energy ICLN -9.9%, Global REITs REET -8.4%, Real Estate VNQ -7.8%

Related

• Tactical Market Trends: Low-Vol and Quality Lead Equity Rebound
• SPY candlestick signals: forward returns by pattern and sentiment
• Fear and greed: today's market sentiment reading

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.