South Korea EWY Sank 3.70%

Friday favored hard-asset leadership. Growth-sensitive equities weakened, and leadership concentrated in energy and gold miners.

Energy and utilities led, Korea weakness deepened

Movers

Outperformers: Energy XLE +2.52% (3M: +18.5%), Utilities XLU +1.34% (3M: -5.4%)

Underperformers: South Korea EWY -3.70% (3M: -7.6%), Technology XLK -3.02% (3M: +4.5%)

3M Leaderboard

Strong: Energy XLE +18.5%, Brazil EWZ +17.9%, Healthcare XLV +11.4%

Weak: South Korea EWY -7.6%, Russell 2000 IWM -7.2%, S&P SmallCap Growth SLYG -7.2%

Inflation-linked debt led, credit proxies lagged

Movers

Outperformers: TIPS TIP +0.24% (3M: -1.6%), Short TIPS VTIP +0.21% (3M: -0.1%)

Underperformers: Preferred Stock PFF -1.06% (3M: -3.4%), High Yield Bonds JNK -0.40% (3M: -2.2%)

3M Leaderboard (within FI scale)

Strong: Short TIPS VTIP -0.1%, Short Corporate VCSH -0.3%, Global Bonds BNDX -0.7%

Weak: Long Treasuries TLT -3.4%, Preferred Stock PFF -3.4%, Muni Bonds MUB -3.0%

Real-asset names led, momentum lagged

Movers

Outperformers: Gold Miners GDX +0.79% (3M: +24.0%), Real Estate VNQ +0.35% (3M: -7.0%)

Underperformers: Semiconductors SMH -3.41% (3M: -3.4%), Momentum Factor MTUM -2.78% (3M: -2.9%)

3M Leaderboard

Strong: Ethereum Trust ETHA +26.8%, Bitcoin Trust IBIT +25.1%, Gold Miners GDX +24.0%

Weak: Clean Energy ICLN -10.0%, Global REITs REET -8.3%, Real Estate VNQ -7.0%

Related

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• Intermediate Market Trends: Low Vol and Dividends Claim Equity Leadership
• 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.