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

<ul>
<li>Our long-term outlook remains neutral on the S&amp;P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023.</li>
<li>Since late-July discussed expectations for a 1-to 4-month pullback/consolidation on SPX and QQQ; now it's likely to last closer to four months, and potentially 4- to 6-months from 7/17/24.</li>
<li>At that point the market will decide which way this consolidation resolves. Throughout this pullback we have said that this consolidation could end up being a significant topping pattern.</li>
</ul>


Our long-term outlook remains neutral on the S&amp;P 500 (SPX) as of our 8/6/24 Compass, after being bullish since early-November 2023.
Since late-July discussed expectations for a 1-to 4-month pullback/consolidation on SPX and QQQ; now it's likely to last closer to four months, and potentially 4- to 6-months from 7/17/24.
At that point the market will decide which way this consolidation resolves. Throughout this pullback we have said that this consolidation could end up being a significant topping pattern.


Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>AbbVie has demonstrated a robust financial performance in the second quarter of 2024, affirming the company's strong positioning in the biopharmaceutical industry.</li><li>Under the new leadership of CEO Rob Michael, AbbVie has experienced a promising trajectory with several of its key products and pipeline developments standing out.</li><li>However, as with any investment, there are a multitude of factors to consider, including challenges that might influence future performance.</li></ul>

AbbVie has demonstrated a robust financial performance in the second quarter of 2024, affirming the company's strong positioning in the biopharmaceutical industry.Under the new leadership of CEO Rob Michael, AbbVie has experienced a promising trajectory with several of its key products and pipeline developments standing out.However, as with any investment, there are a multitude of factors to consider, including challenges that might influence future performance.

AbbVie Inc.: Recent Acquisitions & The Expansion of Immunology Portfolio Yielding Results? - Major Drivers

<ul>
<li>Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.</li>
<li>Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.</li>
<li>With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.</li>
</ul>


Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.


Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

<ul><li>Leading pharmaceutical company AbbVie Inc. has outperformed expectations in its first quarter 2024 results.</li><li>The financial results and current business outlook reflect the strength and momentum of AbbVie's diversified pharmaceutical portfolio, which is projected to have long-term growth prospects.</li><li>The company reported adjusted earnings per share of $2.31 and total net revenues of $12.3 billion, exceeding expectations by $400 million.</li></ul>

Leading pharmaceutical company AbbVie Inc. has outperformed expectations in its first quarter 2024 results.The financial results and current business outlook reflect the strength and momentum of AbbVie's diversified pharmaceutical portfolio, which is projected to have long-term growth prospects.The company reported adjusted earnings per share of $2.31 and total net revenues of $12.3 billion, exceeding expectations by $400 million.

AbbVie Inc.: Acquisition of Landos Biopharma to Enhance Autoimmune Disease Treatments & Other Major Developments

<ul><li>AbbVie Inc.</li><li>showcased a robust performance in the fourth quarter (Q4) of 2023, delivering results surpassing initial expectations.</li><li>The company's growth platform, independent of their iconic Humira, reported full-year sales growth exceeding 8%.</li></ul>

AbbVie Inc.showcased a robust performance in the fourth quarter (Q4) of 2023, delivering results surpassing initial expectations.The company's growth platform, independent of their iconic Humira, reported full-year sales growth exceeding 8%.

AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers

United States

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

Upgrading Staples, Real Estate, and Health Care to Overweight; List of Concerns Continues to Grow

Upgrading Staples $XLP, Real Estate $XLRE, Health Care $XLV to Overweight; List of Concerns Continues to Grow; Dow $DJI, Equal-Weight S&P 500 $RSP,...

Vermilion Research

AbbVie Inc.: Recent Acquisitions & The Expansion of Immunology Portfolio Yielding Results? - Major Drivers

AbbVie has demonstrated a robust financial performance in the second quarter of 2024, affirming the company's strong positioning in the...

Baptista Research

Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

Upgrading Health Care $XLV to Market Weight; New Risk-Off Signals Suggest Pullback in $SPX and $QQQ to Continue, looking for pullbacks to 5100-5191...

Vermilion Research

AbbVie Inc.: Acquisition of Landos Biopharma to Enhance Autoimmune Disease Treatments & Other Major Developments

Leading pharmaceutical company AbbVie Inc. has outperformed expectations in its first quarter 2024 results. The financial results and current...

Baptista Research

AbbVie Inc: Produodopa's Green Light In Scotland & 6 Other Major Developments - Key Drivers

AbbVie Inc. showcased a robust performance in the fourth quarter (Q4) of 2023, delivering results surpassing initial expectations. The company's...

Baptista Research

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