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

<p>Our neutral and cautious outlook continues to be reinforced by market dynamics that have generally deteriorated over the past week. RS improvement for defensives (Utilities, Staples, Real Estate, and Health Care) continues to make these Sectors attractive. Meanwhile, not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Until supports start to break we cannot be bearish, though we would not be surprised to see ~5% downside with potential for more.</p>

Our neutral and cautious outlook continues to be reinforced by market dynamics that have generally deteriorated over the past week. RS improvement for defensives (Utilities, Staples, Real Estate, and Health Care) continues to make these Sectors attractive. Meanwhile, not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Until supports start to break we cannot be bearish, though we would not be surprised to see ~5% downside with potential for more.

Crude Oil and Copper Breakdowns Reinforce Our Concerns; Defensive Sectors Remain Attractive

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>STOXX Ltd., the operator of Qontigo's index business has announced the changes to the STOXX Europe 600 index for the upcoming review. The rebalance will be effective as of the opening of European markets on 22 June and passive funds will need to trade at the close on 19 June.</p><p>There are 21 additions and deletions to the index:</p><table class="table table-striped">
<colgroup><col span="4"></colgroup>
<tbody>
<tr>
<td style="text-align: center; width: 351.02px;" colspan="2">Additions</td>
<td style="text-align: center; width: 353.98px;" colspan="2">Deletions</td>
</tr>
<tr>
<td style="text-align: left; width: 94.98px;"><strong>Code</strong></td>
<td style="text-align: left; width: 235.04px;"><strong>Name</strong></td>
<td style="text-align: left; width: 89.86px;"><strong>Code</strong></td>
<td style="text-align: left; width: 243.12px;"><strong>Name</strong></td>
</tr>
<tr>
<td style="width: 94.98px;">VIS.MC</td>
<td style="width: 235.04px;">Viscofan SA</td>
<td style="width: 89.86px;">BIRG.I</td>
<td style="width: 243.12px;">Bank of Ireland Group PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">ROCKb.CO</td>
<td style="width: 235.04px;">Rockwool International A/S</td>
<td style="width: 89.86px;">OSRn.DE</td>
<td style="width: 243.12px;">Osram Licht AG</td>
</tr>
<tr>
<td style="width: 94.98px;">GRI.L</td>
<td style="width: 235.04px;">Grainger PLC</td>
<td style="width: 89.86px;">IMFI.VI</td>
<td style="width: 243.12px;">Immofinanz AG</td>
</tr>
<tr>
<td style="width: 94.98px;">GXIG.DE</td>
<td style="width: 235.04px;">Gerresheimer AG</td>
<td style="width: 89.86px;">BOSSn.DE</td>
<td style="width: 243.12px;">Hugo Boss AG</td>
</tr>
<tr>
<td style="width: 94.98px;">BILL.ST</td>
<td style="width: 235.04px;">BillerudKorsnas AB (publ)</td>
<td style="width: 89.86px;">EZJ.L</td>
<td style="width: 243.12px;">Easyjet PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">BCVN.S</td>
<td style="width: 235.04px;">Banque Cantonale Vaudoise</td>
<td style="width: 89.86px;">CSPC.L</td>
<td style="width: 243.12px;">Countryside Properties PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">AXFO.ST</td>
<td style="width: 235.04px;">Axfood AB</td>
<td style="width: 89.86px;">WG.L</td>
<td style="width: 243.12px;">John Wood Group PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">WALLb.ST</td>
<td style="width: 235.04px;">Wallenstam AB</td>
<td style="width: 89.86px;">B4B.DE</td>
<td style="width: 243.12px;">Metro AG</td>
</tr>
<tr>
<td style="width: 94.98px;">ADDTb.ST</td>
<td style="width: 235.04px;">Addtech AB</td>
<td style="width: 89.86px;">SSPG.L</td>
<td style="width: 243.12px;">SSP Group PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">LATOb.ST</td>
<td style="width: 235.04px;">Investment AB Latour</td>
<td style="width: 89.86px;">ETL.PA</td>
<td style="width: 243.12px;">Eutelsat Communications SA</td>
</tr>
<tr>
<td style="width: 94.98px;">SWECb.ST</td>
<td style="width: 235.04px;">Sweco AB (publ)</td>
<td style="width: 89.86px;">AGGK.L</td>
<td style="width: 243.12px;">Aggreko PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">LIFCOb.ST</td>
<td style="width: 235.04px;">Lifco AB (publ)</td>
<td style="width: 89.86px;">SMWH.L</td>
<td style="width: 243.12px;">WH Smith PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">THULE.ST</td>
<td style="width: 235.04px;">Thule Group AB</td>
<td style="width: 89.86px;">VMUK.L</td>
<td style="width: 243.12px;">Virgin Money UK PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">SINCH.ST</td>
<td style="width: 235.04px;">Sinch AB (publ)</td>
<td style="width: 89.86px;">SPMI.MI</td>
<td style="width: 243.12px;">Saipem SpA</td>
</tr>
<tr>
<td style="width: 94.98px;">CEY.L</td>
<td style="width: 235.04px;">Centamin PLC</td>
<td style="width: 89.86px;">SPL1.WA</td>
<td style="width: 243.12px;">Santander Bank Polska SA</td>
</tr>
<tr>
<td style="width: 94.98px;">CWK.L</td>
<td style="width: 235.04px;">Cranswick PLC</td>
<td style="width: 89.86px;">SUBC.OL</td>
<td style="width: 243.12px;">Subsea 7 SA</td>
</tr>
<tr>
<td style="width: 94.98px;">AGRP.L</td>
<td style="width: 235.04px;">Assura PLC</td>
<td style="width: 89.86px;">INVP.L</td>
<td style="width: 243.12px;">Investec PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">IDIA.S</td>
<td style="width: 235.04px;">Idorsia Ltd</td>
<td style="width: 89.86px;">CINE.L</td>
<td style="width: 243.12px;">Cineworld Group PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">COKG.DE</td>
<td style="width: 235.04px;">Cancom SE</td>
<td style="width: 89.86px;">DUFN.S</td>
<td style="width: 243.12px;">Dufry AG</td>
</tr>
<tr>
<td style="width: 94.98px;">NETCG.CO</td>
<td style="width: 235.04px;">Netcompany Group A/S</td>
<td style="width: 89.86px;">CPI.L</td>
<td style="width: 243.12px;">Capita PLC</td>
</tr>
<tr>
<td style="width: 94.98px;">ADEB.OL</td>
<td style="width: 235.04px;">Adevinta ASA</td>
<td style="width: 89.86px;">HMSO.L</td>
<td style="width: 243.12px;">Hammerson PLC</td>
</tr>
</tbody>
</table><p>There has been a wide divergence in stock performance with all adds trading higher over the last year and almost all deletes trading lower.</p><p>In this Insight, we take a look at the index methodology, the impact of the review on the stocks, the recent stock performance, and recommend a few trades.</p>

STOXX Ltd., the operator of Qontigo's index business has announced the changes to the STOXX Europe 600 index for the upcoming review. The rebalance will be effective as of the opening of European markets on 22 June and passive funds will need to trade at the close on 19 June.There are 21 additions and deletions to the index:



Additions
Deletions


Code
Name
Code
Name


VIS.MC
Viscofan SA
BIRG.I
Bank of Ireland Group PLC


ROCKb.CO
Rockwool International A/S
OSRn.DE
Osram Licht AG


GRI.L
Grainger PLC
IMFI.VI
Immofinanz AG


GXIG.DE
Gerresheimer AG
BOSSn.DE
Hugo Boss AG


BILL.ST
BillerudKorsnas AB (publ)
EZJ.L
Easyjet PLC


BCVN.S
Banque Cantonale Vaudoise
CSPC.L
Countryside Properties PLC


AXFO.ST
Axfood AB
WG.L
John Wood Group PLC


WALLb.ST
Wallenstam AB
B4B.DE
Metro AG


ADDTb.ST
Addtech AB
SSPG.L
SSP Group PLC


LATOb.ST
Investment AB Latour
ETL.PA
Eutelsat Communications SA


SWECb.ST
Sweco AB (publ)
AGGK.L
Aggreko PLC


LIFCOb.ST
Lifco AB (publ)
SMWH.L
WH Smith PLC


THULE.ST
Thule Group AB
VMUK.L
Virgin Money UK PLC


SINCH.ST
Sinch AB (publ)
SPMI.MI
Saipem SpA


CEY.L
Centamin PLC
SPL1.WA
Santander Bank Polska SA


CWK.L
Cranswick PLC
SUBC.OL
Subsea 7 SA


AGRP.L
Assura PLC
INVP.L
Investec PLC


IDIA.S
Idorsia Ltd
CINE.L
Cineworld Group PLC


COKG.DE
Cancom SE
DUFN.S
Dufry AG


NETCG.CO
Netcompany Group A/S
CPI.L
Capita PLC


ADEB.OL
Adevinta ASA
HMSO.L
Hammerson PLC


There has been a wide divergence in stock performance with all adds trading higher over the last year and almost all deletes trading lower.In this Insight, we take a look at the index methodology, the impact of the review on the stocks, the recent stock performance, and recommend a few trades.

STOXX Europe 600 Index Review: Adds Outperforming Deletes

Sweden

Axfood AB is a food retailer and wholesaler.  The Company owns and operates supermarkets, food discount stores, distribution centers, and warehouses. Axfood owns Hemkop, Willys, Willys Hemma, and Dagab, and supports the Spar, Tempo, and Vivo stores, which are privately owned and operated through franchise agreements, in Sweden.

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Axfood AB (AXFO SS)

Crude Oil and Copper Breakdowns Reinforce Our Concerns; Defensive Sectors Remain Attractive

Our cautious outlook is reinforced by ongoing developments. Relative strength improvement for defensives (Utilities, Staples, Real Estate, Health...

Vermilion Research

STOXX Europe 600 Index Review: Adds Outperforming Deletes

STOXX Ltd., the operator of Qontigo's index business has announced the changes to the STOXX Europe 600 index for the upcoming review. The rebalance...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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