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>The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.</li>
<li>Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.</li>
<li>Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials</li>
</ul>


The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.
Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we'd welcome some consolidation, though it may come from higher levels.
Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials


Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul>


We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden
Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.
We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.


Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

<ul>
<li>Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.</li>
<li>As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.</li>
<li>Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks</li>
</ul>


Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks


Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei hasn’t been this high since the Berlin Wall came toppling down. The Nikkei was up over 4% on the week and stands 15% higher YTD.</li>
<li>There were plenty of reasons not to be higher. US stocks closed marginally lower; AI stocks like  SMCI crashed on Friday; </li>
<li>Japanese stocks were higher but that hides significant divergence between the winners and losers after a heavy week of earnings releases. Perhaps a pause for breath next week.</li>
</ul>


The Nikkei hasn’t been this high since the Berlin Wall came toppling down. The Nikkei was up over 4% on the week and stands 15% higher YTD.
There were plenty of reasons not to be higher. US stocks closed marginally lower; AI stocks like  SMCI crashed on Friday; 
Japanese stocks were higher but that hides significant divergence between the winners and losers after a heavy week of earnings releases. Perhaps a pause for breath next week.


Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

<ul>
<li>OVERSEAS: US stocks +0.6% - its all macro at the moment - higher interest rates, oil price volatility; US 30y mortgage rates now at 7.3%; Nike earnings beat </li>
<li>JAPAN: NKY Futures +0.4% vs cash. Toyota Aug production +4%; EPCOs to lower residential electricity prices; Sony's Game unit gets new interim boss. </li>
<li>JAPAN X: Daikin's concerns about the UK Government backtracking on its climate pledge highlight our concerns over heat pump adoption</li>
</ul>


OVERSEAS: US stocks +0.6% - its all macro at the moment - higher interest rates, oil price volatility; US 30y mortgage rates now at 7.3%; Nike earnings beat 
JAPAN: NKY Futures +0.4% vs cash. Toyota Aug production +4%; EPCOs to lower residential electricity prices; Sony's Game unit gets new interim boss. 
JAPAN X: Daikin's concerns about the UK Government backtracking on its climate pledge highlight our concerns over heat pump adoption


Ohayo Japan: Stocks & SOX Higher; JapanX - Delayed UK Climate Plans Threaten Heat Pump Adoption

Japan

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

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52-week Range	0.00 - 0.00
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ASICS Corp (7936 JP)

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Bullish Outlook Intact on MSCI ACWI; Downgrading India to Market; Market Dynamics Healthy; Treat Pullbacks as Buying Opportunities; Buys in global...

Vermilion Research

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

Hong Kong/China Finally Bottoming?; Bullish Overall Outlook Intact; $DXY Rolling Over; Actionable Themes: Hong Kong/China, Consumer Discretionary,...

Vermilion Research

Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...

Mark Chadwick

Ohayo Japan: Stocks & SOX Higher; JapanX - Delayed UK Climate Plans Threaten Heat Pump Adoption

US stocks rise despite concerns over higher interest rates; Nike earnings exceed expectations. In Japan, Toyota's production increases and EPCOs...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

Bullish Outlook Intact on MSCI ACWI; Downgrading India to Market; Market Dynamics Healthy; Treat Pullbacks as Buying Opportunities; Buys in global...

Vermilion Research

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

Hong Kong/China Finally Bottoming?; Bullish Overall Outlook Intact; $DXY Rolling Over; Actionable Themes: Hong Kong/China, Consumer Discretionary,...

Vermilion Research

Japan Weekly | Rakuten, Asics, Ebara, Tokyo Electron Chalk up Big Gains

​Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...

Mark Chadwick

Ohayo Japan: Stocks & SOX Higher; JapanX - Delayed UK Climate Plans Threaten Heat Pump Adoption

​US stocks rise despite concerns over higher interest rates; Nike earnings exceed expectations. In Japan, Toyota's production increases and EPCOs...

Mark Chadwick

Despite potential reasons for caution, the Nikkei reached a new high not seen since the fall of the Berlin Wall, with a 4% increase for the week...

US stocks rise despite concerns over higher interest rates; Nike earnings exceed expectations. In Japan, Toyota's production increases and EPCOs...