Gold Miners GDX Surged 7.73% Wednesday

Gold Miners GDX surged 7.73% on Wednesday, the strongest move across the ETFs we track, leading gains in the Specialty group. Other notable advancers included Copper Miners COPX up 6.85%, Semiconductors SMH up 5.18%, and South Korea EWY up 4.91%, while Energy XLE fell 4.12% to pace the downside.

Equity: Copper Miners jumped 6.85%

Outperformers: Copper Miners COPX +6.85% (3M perf: -3.5%), South Korea EWY +4.91% (+51.3%)

Underperformers: Energy XLE -4.12% (3M perf: +8.6%), Utilities XLU -1.42% (+6.8%)

3M Regime

Strong: South Korea EWY (3M perf: +51.3%), Taiwan EWT (+39.2%), Technology XLK (+23.3%)

Weak: Healthcare XLV (3M perf: -6.4%), India INDA (-6.4%), Copper Miners COPX (-3.5%)

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: EM Sovereign Bonds climbed 0.79%

Outperformers: EM Sovereign Bonds EMB +0.79% (3M perf: +1.4%), Long Treasuries TLT +0.76% (+0.6%)

Underperformers: Short TIPS VTIP -0.06% (3M perf: +1.5%), TIPS TIP +0.07% (+1.3%)

3M Regime

Strong: Preferred Stock PFF (3M perf: +1.6%), Short TIPS VTIP (+1.5%), EM Sovereign Bonds EMB (+1.4%)

Weak: Global Bonds BNDX (3M perf: unch.), 3-7yr Treasuries IEI (+0.2%), Muni Bonds MUB (+0.2%)

Signals to Monitor

Volatility Compression: Preferred Stock PFF

Specialty: Gold Miners soared 7.73%

Outperformers: Gold Miners GDX +7.73% (3M perf: -6.3%), Semiconductors SMH +5.18% (+43.9%)

Underperformers: Ethereum Trust ETHA -1.01% (3M perf: +8.4%), Managed Futures DBMF -0.94% (+3.0%)

3M Regime

Strong: Semiconductors SMH (3M perf: +43.9%), Momentum Factor MTUM (+21.2%), Clean Energy ICLN (+13.8%)

Weak: Gold Miners GDX (3M perf: -6.3%), Gold GLD (-5.1%), Min Volatility USMV (-0.8%)

Signals to Monitor

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

Overbought: Long/Short Equity FTLS, Clean Energy ICLN, Covered Calls Nasdaq JEPQ

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.