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>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Grupo Aeroportuario del Pacifi / Equity Bottom-Up

<ul><li>The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by: i) tariff improvements; and ii) strategies to diversify revenues.</li><li>However, higher operating costs generated EBITDA margin contractions.</li><li> TRAXION reported the most robust result with double-digit growth in revenues, followed by PINFRA.</li></ul>

The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by: i) tariff improvements; and ii) strategies to diversify revenues.However, higher operating costs generated EBITDA margin contractions. TRAXION reported the most robust result with double-digit growth in revenues, followed by PINFRA.

Grupo Aeroportuario del Pacifi - Actinver Research

<ul><li>The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by a better tariff environment and diversified revenues.</li><li>However, higher operating costs generated EBITDA margin contractions.</li><li> TRAXION reported the most robust result with double-digit growth in revenues, followed by GAP.</li></ul>

The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by a better tariff environment and diversified revenues.However, higher operating costs generated EBITDA margin contractions. TRAXION reported the most robust result with double-digit growth in revenues, followed by GAP.

<ul><li>The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues.</li><li>However, higher labor costs result in a margin contraction.</li><li> GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA.</li></ul>

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues.However, higher labor costs result in a margin contraction. GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA.

Actinver Research - Transport Sector 3Q25 Review: Solid Top Line but With EBITDA Margin Contraction

Mexico

Grupo Aeroportuario del Pacifico SAB de CV operates and maintains airports in the Pacific and central regions of Mexico.

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Grupo Aeroportuario del Pacifi (GAPB MM)

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

Grupo Aeroportuario del Pacifi - Actinver Research

The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by: i) tariff improvements; and ii)...

Actinver

Grupo Aeroportuario del Pacifi - Actinver Research

The Mexican transport sector posted a mixed quarterly result, with positive top-line performance supported by a better tariff environment and...

Actinver

Actinver Research - Transport Sector 3Q25 Review: Solid Top Line but With EBITDA Margin Contraction

The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and...

Actinver

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