South Korea EWY Rose 2.55%

Friday registered an Asia-led risk bid. North Asia equities led, and leadership concentrated in regional beta and counter-trend rebound expressions.

North Asia rallied, prior energy leadership faded

Movers

Outperformers: South Korea EWY +2.55% (3M: -5.1%), Japan EWJ +2.21% (3M: +5.5%)

Underperformers: Communication Services XLC -0.90% (3M: +6.7%), Energy XLE -0.89% (3M: +15.9%)

3M Leaderboard

Strong: Energy XLE +15.9%, Copper Miners COPX +14.2%, Taiwan EWT +11.6%

Weak: Utilities XLU -13.9%, S&P SmallCap Growth SLYG -7.4%, Real Estate XLRE -7.4%

Counter-trend core bonds rallied, tax-exempts and long duration lagged

Movers

Outperformers: Mortgage-Backed MBB +0.53% (3M: -3.8%), 7-10yr Treasuries IEF +0.35% (3M: -4.3%)

Underperformers: Muni Bonds MUB -0.41% (3M: -5.2%), Long Treasuries TLT -0.13% (3M: -8.2%)

3M Leaderboard

Strong: Preferred Stock PFF -0.4%, Short TIPS VTIP -0.6%, High Yield HYG -1.0%

Weak: Long Treasuries TLT -8.2%, Muni Bonds MUB -5.2%, Investment Grade Credit LQD -4.6%

Innovation proxies led, alternatives lagged

Movers

Outperformers: Clean Energy ICLN +1.53% (3M: -11.6%), Semiconductors SMH +1.01% (3M: -0.8%)

Underperformers: Managed Futures DBMF -0.85% (3M: +7.9%), Bitcoin Trust IBIT -0.50% (3M: +40.5%)

3M Leaderboard

Strong: Ethereum Trust ETHA +70.8%, Bitcoin Trust IBIT +40.5%, Gold Miners GDX +20.6%

Weak: Clean Energy ICLN -11.6%, Infrastructure PAVE -9.0%, Real Estate VNQ -7.0%

Related

• Tactical Trends: Asia and Growth Reclaim Equity Participation
• Intermediate Trends: Asia and Growth Define a Selective Equity Lead
• 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.