Gold Miners GDX Tumbled 4.40%

Wednesday brought a defensive rotation. Duration and defensive equities led.

Defensive sectors led

Movers

Outperformers: Healthcare XLV +2.53% (3M: +7.9%), Consumer Staples XLP +2.22% (3M: +1.0%)

Underperformers: Copper Miners COPX -4.24% (3M: +8.2%), South Korea EWY -4.04% (3M: -2.2%)

3M Leaderboard

Strong: Brazil EWZ +20.6%, Energy XLE +19.3%, Taiwan EWT +10.8%

Weak: S&P SmallCap Growth SLYG -8.2%, Real Estate XLRE -8.0%, Russell 2000 IWM -8.0%

Duration rallied, credit lagged

Movers

Outperformers: Long Treasuries TLT +0.66% (3M: -5.2%), TIPS TIP +0.25% (3M: -2.2%)

Underperformers: Preferred Stock PFF -1.23% (3M: -3.3%), High Yield Bonds JNK -0.44% (3M: -2.4%)

3M Leaderboard

Strong: Short TIPS VTIP -0.4%, Short Corporate VCSH -0.7%, Global Bonds BNDX -1.2%

Weak: Long Treasuries TLT -5.2%, Muni Bonds MUB -3.9%, Preferred Stock PFF -3.3%

Defensive tilt emerged, miners and semis lagged

Movers

Outperformers: Biotechnology IBB +1.61% (3M: +7.3%), Min Volatility USMV -0.02% (3M: +3.9%)

Underperformers: Gold Miners GDX -4.40% (3M: +16.8%), Semiconductors SMH -3.98% (3M: -0.7%)

3M Leaderboard

Strong: Ethereum Trust ETHA +29.5%, Bitcoin Trust IBIT +27.1%, Gold Miners GDX +16.8%

Weak: Clean Energy ICLN -9.3%, Global REITs REET -9.2%, Real Estate VNQ -8.9%

Related

• Tactical Market Trends: Equity Leadership Turns Defensive
• 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.