Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our outlook remains bullish and we continue to believe that the path of least resistance is higher for global equities. We see global equities as being in a goldilocks scenario where market dynamics and technicals are arguably 100% bullish. Of course, at some point this almost too good to be true scenario is likely to result in a pullback, but for now we see no signs of this rally letting up.  In our December International Strategy, we highlight areas of the market where we see actionable opportunities in Technology, Consumer Discretionary, Materials and Manufacturing.

Our outlook remains bullish and we continue to believe that the path of least resistance is higher for global equities. We see global equities as being in a goldilocks scenario where market dynamics and technicals are arguably 100% bullish. Of course, at some point this almost too good to be true scenario is likely to result in a pullback, but for now we see no signs of this rally letting up.  In our December International Strategy, we highlight areas of the market where we see actionable opportunities in Technology, Consumer Discretionary, Materials and Manufacturing.

Global Equity Strategy: Bullish Outlook Intact

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

Global Equity Strategy: Squarely in the Neutral Camp

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends.  In this report we highlight such opportunities, within the Technology, Consumer Staples and Services Sectors.

Global Equity Strategy: Not Too Bullish, Not Too Bearish

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Retail current value sales grow by 6% in 2017 to reach THB33.3 billion</li><li>Tourism Authority of Thailand (TAT) promotes Thailand for MICE and medical tourism</li><li>Luxury hotels sees slower retail current value sales growth compared with 2016</li><li>Central Plaza Hotel leads luxury hotels in 2016</li><li>A 3% retail value CAGR at constant 2017 prices is expected over the forecast period to reach THB39.0 billion in 2022</li></ul>

Retail current value sales grow by 6% in 2017 to reach THB33.3 billionTourism Authority of Thailand (TAT) promotes Thailand for MICE and medical tourismLuxury hotels sees slower retail current value sales growth compared with 2016Central Plaza Hotel leads luxury hotels in 2016A 3% retail value CAGR at constant 2017 prices is expected over the forecast period to reach THB39.0 billion in 2022

Sector Capsule: Luxury Hotels (5-Star Plus) In Thailand

<ul class=""><li>Lodging in Singapore underperforms in 2017, with value sales of SGD4.9 billon representing a 2% fall from the previous year</li></ul><ul><li>A glut of new hotel rooms and unfavourable regulations have adversely affected sales of hotels and short-term rentals</li></ul><ul><li>Lodging is expected to recover in the long run, but will achieve only a marginal value CAGR at constant 2017 prices over the forecast period, and reach SGD5.0 billion in 2022</li></ul>

Lodging in Singapore underperforms in 2017, with value sales of SGD4.9 billon representing a 2% fall from the previous yearA glut of new hotel rooms and unfavourable regulations have adversely affected sales of hotels and short-term rentalsLodging is expected to recover in the long run, but will achieve only a marginal value CAGR at constant 2017 prices over the forecast period, and reach SGD5.0 billion in 2022

France

Accor SA operates hotel chains and offers human resources, marketing, and expense management services.  The Company operates hotels ranging from budget to upscale worldwide.

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Accor SA (AC FP)

Global Equity Strategy: Bullish Outlook Intact

Our outlook remains bullish and we continue to believe that the path of least resistance is higher for global equities. In this report, we...

Vermilion Research

Global Equity Strategy: Squarely in the Neutral Camp

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels,...

Vermilion Research

Global Equity Strategy: Not Too Bullish, Not Too Bearish

Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical...

Vermilion Research

Sector Capsule: Luxury Hotels (5-Star Plus) In Thailand

Retail current value sales grow by 6% in 2017 to reach THB33.3 billion Tourism Authority of Thailand (TAT) promotes Thailand for MICE and medical...

Euromonitor International Ltd.

Lodging in Singapore

Lodging in Singapore underperforms in 2017, with value sales of SGD4.9 billon representing a 2% fall from the previous yearA glut of new hotel...

Euromonitor International Ltd.

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