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

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

2019 has been a landmark year and we expect momentum to accelerate as Hutchison China MediTech (HCM) continues on its path to become a global biotech with a marketed portfolio of innovation-led oncology drugs. Achievements in 2019 include the addition of Elunate on China’s exclusive NRDL list and surufatinib’s China NDA submission following impressive data in NET. 2020–21 are pivotal years. Surufatinib should become the second asset to launch in China, partner AZN could launch savolitinib in China for NSCLC (MET Exon 14) in 2021 and, importantly, this drug could be the first of HCM’s innovation assets to launch globally in 2022 (for c-Met positive NSCLC in combination with Tagrisso, a blockbuster opportunity). We think recent underperformance is unjustified given the emerging strength of its broad, late-stage innovation pipeline and the opportunity for long-term growth and enhanced economic returns.

2019 has been a landmark year and we expect momentum to accelerate as Hutchison China MediTech (HCM) continues on its path to become a global biotech with a marketed portfolio of innovation-led oncology drugs. Achievements in 2019 include the addition of Elunate on China’s exclusive NRDL list and surufatinib’s China NDA submission following impressive data in NET. 2020–21 are pivotal years. Surufatinib should become the second asset to launch in China, partner AZN could launch savolitinib in China for NSCLC (MET Exon 14) in 2021 and, importantly, this drug could be the first of HCM’s innovation assets to launch globally in 2022 (for c-Met positive NSCLC in combination with Tagrisso, a blockbuster opportunity). We think recent underperformance is unjustified given the emerging strength of its broad, late-stage innovation pipeline and the opportunity for long-term growth and enhanced economic returns.

GW Pharmaceuticals - 2020 insights into a breakout year

Hutchison China MediTech - 2020 insights into a breakout year

Transport Sector, China and Asia-focused Research

Charles De Trenck

We are at the start of a new page for an old industry, with marijuana becoming legal in many markets faster than we could have imagined a decade ago. The move this week by<a href="https://www.smartkarma.com/entities/8065" target="_blank" data-smartkarma-citation="entities:8065:1">Constellation Brands Inc A (STZ US)</a> to increase its stake in <a href="https://www.smartkarma.com/entities/25083" target="_blank" data-smartkarma-citation="entities:25083:1">Canopy Growth (WEED CN)</a> is a game changer.Some US states have made the move into medical and recreational marijuana, with California becoming the big catch in Jan 2018. We all know this, and this has been reflected in share prices of many counters in 2017-18 rallies.…

We are at the start of a new page for an old industry, with marijuana becoming legal in many markets faster than we could have imagined a decade ago. The move this week byConstellation Brands Inc A (STZ US) to increase its stake in Canopy Growth (WEED CN) is a game changer.Some US states have made the move into medical and recreational marijuana, with California becoming the big catch in Jan 2018. We all know this, and this has been reflected in share prices of many counters in 2017-18 rallies.…

Cannabis: Game Change Buy In from Alcoholic Beverages Player (Constellation Brands + Canopy Growth)

United States

GW Pharmaceuticals plc researches and develops cannabinoid prescription medicines for the treatment of cancer pain, Multiple Sclerosis, and neuropathic pain. ... More

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Gw Pharmaceuticals (GWPH US)

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and...

Vermilion Research

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

GW Pharmaceuticals - 2020 insights into a breakout year

2019 has been a landmark year and we expect momentum to accelerate as Hutchison China MediTech (HCM) continues on its path to become a global...

Edison Investment Research

Hutchison China MediTech - 2020 insights into a breakout year

2019 has been a landmark year and we expect momentum to accelerate as Hutchison China MediTech (HCM) continues on its path to become a global...

Edison Investment Research

Cannabis: Game Change Buy In from Alcoholic Beverages Player (Constellation Brands + Canopy Growth)

We are at the start of a new page for an old industry, with marijuana becoming legal in many markets faster than we could have imagined a decade...

Charles De Trenck

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