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 remains higher for global equities (MSCI ACWI). As long as the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EM (EEM-US), and EAFE (EFA-US) are above their respective intermediate-term support levels we believe a positive outlook is warranted. Support levels to watch include $75 on ACWI-US, $44 on ACWX-US, $41 on EEM-US, and $60 on EFA-US. We recap significant technical levels across major markets and highlight specific opportunities within the Technology and Materials Sectors.

Our outlook remains bullish and we continue to believe that the path of least resistance remains higher for global equities (MSCI ACWI). As long as the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EM (EEM-US), and EAFE (EFA-US) are above their respective intermediate-term support levels we believe a positive outlook is warranted. Support levels to watch include $75 on ACWI-US, $44 on ACWX-US, $41 on EEM-US, and $60 on EFA-US. We recap significant technical levels across major markets and highlight specific opportunities within the Technology and Materials Sectors.

Global Equity Strategy: Bullish Outlook Intact

We continue to have a bullish outlook and we believe the path of least resistance remains higher. Perhaps the most important thing which supports our bullish outlook is the continued lack of breakdowns on all S&amp;P 500 Sectors and all the major averages. In today’s report we highlight attractive Groups and stocks within Materials: Copper, Gold, Silver, Platinum, and Uranium Mining.

We continue to have a bullish outlook and we believe the path of least resistance remains higher. Perhaps the most important thing which supports our bullish outlook is the continued lack of breakdowns on all S&amp;P 500 Sectors and all the major averages. In today’s report we highlight attractive Groups and stocks within Materials: Copper, Gold, Silver, Platinum, and Uranium Mining.

U.S. Equity Strategy: Upgrading Materials To Overweight

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act well and that are offering fantastic entry points at current levels. Health Care and Technology remain our two favorite global Sectors, and they are outperforming across all major markets including the US, Europe, Japan, and China. Remain overweight/add exposure. Consumer Staples is another leadership Sector, particularly in the Asia/Pacific region. Lastly, we are also continuing to expand our recommendations to include bottom-up ideas within several other Sectors as the market goes through a bottoming process.

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act well and that are offering fantastic entry points at current levels. Health Care and Technology remain our two favorite global Sectors, and they are outperforming across all major markets including the US, Europe, Japan, and China. Remain overweight/add exposure. Consumer Staples is another leadership Sector, particularly in the Asia/Pacific region. Lastly, we are also continuing to expand our recommendations to include bottom-up ideas within several other Sectors as the market goes through a bottoming process.

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Agnico Eagle’s FY19 results revealed production of 1.782Moz at a total cash cost of US$673/oz, compared with prior guidance of 1.77–1.78Moz at US$620–670/oz. Adjusted EPS for Q419 was US$0.37/share – almost exactly the same as Q319 – to result in FY19 adjusted EPS of US$1.01/share (Edison calculation). At the same time, the quarterly dividend was raised from US$0.175/share to US$0.20/share. However, despite the positive aspects of the results, production guidance for FY20 was lowered from 1.9–2.0Moz to 1.875Moz (a decline of 3.8% at the midpoint) and the shares sold off 15.6%, albeit we believe this reaction to have been overdone. Production guidance for FY21 and FY22 remained (effectively) unchanged.

Agnico Eagle’s FY19 results revealed production of 1.782Moz at a total cash cost of US$673/oz, compared with prior guidance of 1.77–1.78Moz at US$620–670/oz. Adjusted EPS for Q419 was US$0.37/share – almost exactly the same as Q319 – to result in FY19 adjusted EPS of US$1.01/share (Edison calculation). At the same time, the quarterly dividend was raised from US$0.175/share to US$0.20/share. However, despite the positive aspects of the results, production guidance for FY20 was lowered from 1.9–2.0Moz to 1.875Moz (a decline of 3.8% at the midpoint) and the shares sold off 15.6%, albeit we believe this reaction to have been overdone. Production guidance for FY21 and FY22 remained (effectively) unchanged.

Agnico Eagle Mines  - Record production and cash flow

Canada

Agnico Eagle Mines Limited is a gold producer with operations primarily in northwestern Quebec, northern Mexico, northern Finland and Nunavut.  The Company also has exploration activities in Canada, Europe, Latin America, and the United States.  Agnico Eagle Mines focuses on the exploration, development, and expansion of its gold properities primarily from underground operations.

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Agnico Eagle Mines (AEM CN)

Global Equity Strategy: Bullish Outlook Intact

Our outlook remains bullish and we continue to believe that the path of least resistance remains higher for global equities (MSCI ACWI). As long as...

Vermilion Research

U.S. Equity Strategy: Upgrading Materials To Overweight

We continue to have a bullish outlook and we believe the path of least resistance remains higher. Perhaps the most important thing which supports...

Vermilion Research

Global Equities: Lower Highs Forming

While the major averages are stalling below major resistance and their direction is unclear, there are many individual stocks that continue to act...

Vermilion Research

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&P 500 is headed...

Vermilion Research

Agnico Eagle Mines - Record production and cash flow

Agnico Eagle’s FY19 results revealed production of 1.782Moz at a total cash cost of US$673/oz, compared with prior guidance of 1.77–1.78Moz at...

Edison Investment Research

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