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

Market activity, both bonds and stocks, has been all about realigning expectations. Wednesday’s Fed announcement was more dovish than expected, and the market is now pricing in roughly 25bps of cuts by the end of 2019. Stocks reacted positively on Thursday, but then reversed (and then some) on Friday as global growth concerns became a little more serious. We continue to maintain our positive outlook. In today’s report we recap our bullish investment thesis and highlight attractive Groups and stocks within Consumer Staples, Materials, and Services.

Market activity, both bonds and stocks, has been all about realigning expectations. Wednesday’s Fed announcement was more dovish than expected, and the market is now pricing in roughly 25bps of cuts by the end of 2019. Stocks reacted positively on Thursday, but then reversed (and then some) on Friday as global growth concerns became a little more serious. We continue to maintain our positive outlook. In today’s report we recap our bullish investment thesis and highlight attractive Groups and stocks within Consumer Staples, Materials, and Services.

U.S. Equity Strategy: Bullish Outlook Intact

MSCI Emerging Markets Index / Technical Analysis

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

EM Relative Strength Is Bottoming: Overweight

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however, emerging markets are the place to be. China, Brazil, Hungary, Qatar, India, Poland, and Indonesia all display positive price and/or RS trends. In this report we recap technical important levels on all major indexes and highlight attractive stocks within Real Estate, Health Care/Pharma, Precious Metals Mining, and Utilities.

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however, emerging markets are the place to be. China, Brazil, Hungary, Qatar, India, Poland, and Indonesia all display positive price and/or RS trends. In this report we recap technical important levels on all major indexes and highlight attractive stocks within Real Estate, Health Care/Pharma, Precious Metals Mining, and Utilities.

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul>
<li>JSE indices are due for rebalancing in the closing auction tomorrow.</li>
<li>PAN will enter the Top 40, with MNP falling out.</li>
<li>JSE equity derivatives close out at midday today – a reminder to get those rolls in.</li>
</ul>


JSE indices are due for rebalancing in the closing auction tomorrow.
PAN will enter the Top 40, with MNP falling out.
JSE equity derivatives close out at midday today – a reminder to get those rolls in.


JSE March 2026 Rebalance : PAN to Enter T40, MNP Falling Out

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Gold International / Equity Bottom-Up

<ul>
<li>Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.</li>
<li>Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.</li>
<li>December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.</li>
</ul>


Zijin trades at senior multiples after its IPO re-rating, with valuation now anchored to execution and cost normalization rather than index-driven flows.
Elevated gold prices support cash flows, but upside from here requires sustained bullion strength or visible AISC improvement.
December GDX non-inclusion removes a near-term catalyst but does not alter asset quality or medium-term fundamentals.


Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

South Africa

Gold Fields Ltd is a gold producer with annualised production of approx. 2.0 million gold equivalent ounces from six operating mines in Australia, Ghana, Peru and South Africa. The Company has four major projects at resource development or feasibility level.

Price Gauge
52-week Range	0.00 - 0.00
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Gold Fields Ltd (GFI SJ)

U.S. Equity Strategy: Bullish Outlook Intact

Market activity, both bonds and stocks, has been all about realigning expectations. Wednesday’s Fed announcement was more dovish than expected, and...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

Global Markets Deteriorating...Except EM

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however,...

Vermilion Research

JSE March 2026 Rebalance : PAN to Enter T40, MNP Falling Out

JSE indices are due for rebalancing in the closing auction tomorrow. PAN will enter the Top 40, with MNP falling out. JSE equity derivatives close...

DMA

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

U.S. Equity Strategy: Bullish Outlook Intact

Market activity, both bonds and stocks, has been all about realigning expectations. Wednesday’s Fed announcement was more dovish than expected, and...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

Global Markets Deteriorating...Except EM

With U.S. markets stumbling, the MSCI ACWI index is breaking down to new lows: defensive Sectors remain attractive. Relative to MSCI ACWI however,...

Vermilion Research

JSE March 2026 Rebalance : PAN to Enter T40, MNP Falling Out

JSE indices are due for rebalancing in the closing auction tomorrow. PAN will enter the Top 40, with MNP falling out. JSE equity derivatives close...

DMA

Zijin Gold Intl (2259 HK): Gold Leverage Intact; December GDX Non-Inclusion a Near-Term Overhang

​Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...

Rahul Jain

Zijin's valuation now hinges on execution and cost normalization post-IPO re-rating. GDX non-inclusion doesn't change asset quality or medium-term...