Gold Miners GDX Surged 9.01%

Wednesday brought hard-asset leadership. Gold Miners GDX led.

China and consumer cyclicals led, energy lagged

Movers

Outperformers: China MCHI +4.37% (3M: -7.8%), Consumer Discretionary XLY +4.26% (3M: +3.8%)

Underperformers: Energy XLE -4.74% (3M: +9.9%), South Korea EWY -1.90% (3M: -7.3%)

3M Leaderboard

Strong: Healthcare XLV +15.8%, Energy XLE +9.9%, Consumer Staples XLP +8.7%

Weak: Copper Miners COPX -13.4%, Brazil EWZ -9.9%, Industrials XLI -8.0%

DAILY · 3M

Income credit led, inflation-linked bonds lagged

Movers

Outperformers: Preferred Stock PFF +1.56% (3M: -4.3%), EM Sovereign Bonds EMB +1.01% (3M: -1.3%)

Underperformers: Short TIPS VTIP -0.18% (3M: unch.), TIPS TIP unch. (3M: -0.6%)

3M Leaderboard (within FI scale)

Strong: Long Treasuries TLT +0.3%, Short Corporate VCSH +0.2%, Short TIPS VTIP unch.

Weak: Preferred Stock PFF -4.3%, EM Sovereign Bonds EMB -1.3%, High Yield Bonds JNK -1.0%

DAILY · 3M

Crypto and miners rallied, semis lagged

Movers

Outperformers: Gold Miners GDX +9.01% (3M: +0.8%), Ethereum Trust ETHA +5.72% (3M: +26.7%)

Underperformers: Semiconductors SMH -2.75% (3M: -11.8%), Managed Futures DBMF -2.27% (3M: +2.2%)

3M Leaderboard

Strong: Ethereum Trust ETHA +26.7%, Bitcoin Trust IBIT +24.2%, Biotechnology IBB +14.6%

Weak: Semiconductors SMH -11.8%, Momentum Factor MTUM -11.3%, Clean Energy ICLN -8.4%

DAILY · 3M

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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.