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>Clean energy stocks continue to develop positively and we have reason to believe that price and relative strength (RS) appreciation is likely to continue in the weeks and months ahead.</li>
<li>The technicals are confirming this clean energy story. Looking at the Invesco Solar ETF (TAN), price and RS have been basing for nine months and now display bullish inflections.</li>
<li>We are buyers at current levels. Buy: ENPH, RUN, FSLR, DQ, NOVA, SPWR, HASI, CSIQ, S92-DE, MAXN, 1407-JP, and SOL</li>
</ul>


Clean energy stocks continue to develop positively and we have reason to believe that price and relative strength (RS) appreciation is likely to continue in the weeks and months ahead.
The technicals are confirming this clean energy story. Looking at the Invesco Solar ETF (TAN), price and RS have been basing for nine months and now display bullish inflections.
We are buyers at current levels. Buy: ENPH, RUN, FSLR, DQ, NOVA, SPWR, HASI, CSIQ, S92-DE, MAXN, 1407-JP, and SOL


Solar Stocks Are Bullishly Inflecting -- Buy ENPH, RUN, FSLR, DQ, NOVA, SPWR, HASI, CSIQ, and Others

iShares Russell 2000 ETF / Technical Analysis

We continue to believe we are nearing the end of the "mixed market environment," and the beginning of a new, broad-based bull market advance. With that said, we are still waiting for confirmation in the form of breakouts for small-caps (IWM) and Industrials (XLI) in order to turn bullish. Additionally, we would like to see MSCI China (MCHI) break above $74 resistance; this would be a major boon for risk sentiment.Charts highlighted: Russell 2000 (IWM), SOXX, XTN, GLD vs. SPY, TNX, S&amp;P 500, AMD, MRVL, XLNX, STM, MPWR, ON, ENPH, SEDG, FSLR, RUN, SPWR, CSIQ, SOL, ODFL, JBHT, KNX, LSTR, SAIA, SNDR, ARCB, MRTN, PTSI, YELL, and USAK

We continue to believe we are nearing the end of the "mixed market environment," and the beginning of a new, broad-based bull market advance. With that said, we are still waiting for confirmation in the form of breakouts for small-caps (IWM) and Industrials (XLI) in order to turn bullish. Additionally, we would like to see MSCI China (MCHI) break above $74 resistance; this would be a major boon for risk sentiment.Charts highlighted: Russell 2000 (IWM), SOXX, XTN, GLD vs. SPY, TNX, S&amp;P 500, AMD, MRVL, XLNX, STM, MPWR, ON, ENPH, SEDG, FSLR, RUN, SPWR, CSIQ, SOL, ODFL, JBHT, KNX, LSTR, SAIA, SNDR, ARCB, MRTN, PTSI, YELL, and USAK

U.S. Equity Strategy: All Eyes On The Small Cap Russell 2000. Buying Semiconductors, Solar, Truckers

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.

The S&amp;P Global Clean Energy Index is designed to measure the performance of 30 companies from around the world that are involved in clean energy-related businesses, comprising a diversified mix of clean energy production and clean energy equipment and technology companies.There are two ETFs that are benchmarked to the index and these ETFs have seen massive inflows over the last year. This has caused liquidity issues in the underlying stocks and has led to S&amp;P having multiple market consultations to reduce constituent concentration, easy liquidity limitations and improve index replication.The changes due to these market consultations will cause large passive flows on the stocks. A few stocks have moved substantially over the last couple of months but there could be more in store for a few of them.Depending on the which proposals are implemented, one-way turnover for the review could be in the range of 30-50% and there are a lot of stocks that will have more than 10 days of ADV to trade.In this Insight we look at the index, the inflows on the ETFs, the various market consultations and the impact on the stocks that constitute the index and those that could be added to the index in the April rebalance.

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.

Broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) were able to shrug off recent news of a more contagious Covid variant that popped-up in the UK. Additionally, Covid fears have done nothing to derail ongoing positive market dynamics. As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying opportunity. Actionable Themes in today's report: Services, Technology, Manufacturing, and Materials.

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div class="content-highlight">
<h2>What's Original?</h2>
This insight is an in-depth research on the Asian solar energy industry, covering the value chain and related companies in each key stage of the value chain. Our research includes the following:
<ul>
<li>
Industry Background: This includes an in-depth analysis on the solar energy sector, which includes an overview on the key types of solar technologies (Photovoltaic-PV, Concentrated Solar Power-CSP and Solar Heating and Cooling- SHC), and the leading Asian countries (India, Japan and China) in the sector. We provide our thoughts on which solar technology looks promising and compare the technology used across the leading Asian countries. </li>
<li>
Value Chain Analysis: We detail the value chain for PV, highlighting the critical stages of the value chain (system integration assembly and installation, and manufacturing of cells, modules, polysilicon ingot, and wafer) and the leading players in those stages (includes listed and unlisted companies).</li>
<li>
Background Analysis on Key Players- This includes researching the key Asian listed/unlisted solar energy companies and analysing the key contributing factor/product to each of them in the sector. </li>
<li>
Investment opportunities and risk – We compare and contrast the investment opportunities for each of the key players in the sector, to understand if the companies follow a similar strategy or otherwise. </li>
<li>
Analysis on the key revenue and margin drivers– We compare and contrast the key revenue growth and profitability drivers for the listed companies. We have also provided a short investment thesis on the key listed players and looked at their valuation.</li>
</ul>
</div><div></div>The Insight is structured as follows:A. Solar Energy Industry Background B. A Deep Dive into the Three Key Solar TechnologiesC. A Look at the Leading Asian Countries in the Solar Market: China, Japan, and IndiaD. Value Chain AnalysisE. A Look at the Key Asian Solar Players


What's Original?
This insight is an in-depth research on the Asian solar energy industry, covering the value chain and related companies in each key stage of the value chain. Our research includes the following:


Industry Background: This includes an in-depth analysis on the solar energy sector, which includes an overview on the key types of solar technologies (Photovoltaic-PV, Concentrated Solar Power-CSP and Solar Heating and Cooling- SHC), and the leading Asian countries (India, Japan and China) in the sector. We provide our thoughts on which solar technology looks promising and compare the technology used across the leading Asian countries. 

Value Chain Analysis: We detail the value chain for PV, highlighting the critical stages of the value chain (system integration assembly and installation, and manufacturing of cells, modules, polysilicon ingot, and wafer) and the leading players in those stages (includes listed and unlisted companies).

Background Analysis on Key Players- This includes researching the key Asian listed/unlisted solar energy companies and analysing the key contributing factor/product to each of them in the sector. 

Investment opportunities and risk – We compare and contrast the investment opportunities for each of the key players in the sector, to understand if the companies follow a similar strategy or otherwise. 

Analysis on the key revenue and margin drivers– We compare and contrast the key revenue growth and profitability drivers for the listed companies. We have also provided a short investment thesis on the key listed players and looked at their valuation.

The Insight is structured as follows:A. Solar Energy Industry Background B. A Deep Dive into the Three Key Solar TechnologiesC. A Look at the Leading Asian Countries in the Solar Market: China, Japan, and IndiaD. Value Chain AnalysisE. A Look at the Key Asian Solar Players

Asian Solar Energy Sector: Powered by Subsidies and Moving Downstream

Canada

Canadian Solar Inc. designs, manufactures, and sells solar module products that convert sunlight into electricity for a variety of uses. The Company's products include a range of solar modules for use in a wide range of residential, commercial, and industrial solar power generation systems.

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Canadian Solar Inc (CSIQ US)

Solar Stocks Are Bullishly Inflecting -- Buy ENPH, RUN, FSLR, DQ, NOVA, SPWR, HASI, CSIQ, and Others

Price and RS have been basing for nine months and now display bullish inflections on the Invesco Solar ETF (TAN). This is the time to pounce, and...

Vermilion Research

U.S. Equity Strategy: All Eyes On The Small Cap Russell 2000. Buying Semiconductors, Solar, Truckers

The PHLX Semiconductor index (SOXX) and the equal-weighted Transportation Sector (XTN) are the latest cyclical areas to break out to new YTD...

Vermilion Research

Global Clean Energy Index: MASSIVE Changes Coming Up; 30-50% One-Way Turnover

The huge inflows into ETFs tracking the S&P Global Clean Energy Index have led to many market consultations and there will be massive flows in/out...

Brian Freitas

Global Equity Strategy: Support Levels Holding; Bullish Outlook Intact

As long as support levels hold and market dynamics remain positive, our outlook remains bullish and we continue to view any weakness as a buying...

Vermilion Research

Asian Solar Energy Sector: Powered by Subsidies and Moving Downstream

The Insight is structured as follows: A. Solar Energy Industry Background – Introduction to the Solar energy Industry B. A Deep Dive into the Three...

Aqila Ali

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