Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.</li><li>Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.</li><li>We recommend stocks with positive news: BEM, CK, and JPARK.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387 points (10-day EMA)/1,380 points, based on the technical signals in the weekly chart indicating that it is still fluctuating within the range of 1,375-1,403 points while awaiting a breakout signal.Keep a close watch for hints about the possible trajectory of the fed funds rate from the speeches by Fed Governor Lisa Cook (voter) and Minneapolis Fed President Neel Kashkari, who are expected to signal that the Fed will not be in a hurry to cut interest rates until inflation falls to the target.We recommend stocks with positive news: BEM, CK, and JPARK.

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

<ul><li>Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yields</li><li>Fed funds rate may be raised to 5.50% after US flash PMIs in February increased</li><li>The SET index is expected to weaken, with the support at 1,660/1,653 points and the resistance at 1,677 points.</li></ul>

Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yieldsFed funds rate may be raised to 5.50% after US flash PMIs in February increasedThe SET index is expected to weaken, with the support at 1,660/1,653 points and the resistance at 1,677 points.

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>Market dynamics remain largely bearish/unchanged, and we are sticking with our call that breaks of supports on SPX, IWM,QQQ are likely to result in a test of the 2022 lows.</li>
<li>The Nasdaq 100 (QQQ) is already testing its 2022 lows, but the S&amp;P 500 and Russell 2000 (IWM) are still 6-9% above their 2022 lows.</li>
<li>Depending on how the market responds to its 2022 lows, that could be a better area to increase risk.</li>
</ul>


Market dynamics remain largely bearish/unchanged, and we are sticking with our call that breaks of supports on SPX, IWM,QQQ are likely to result in a test of the 2022 lows.
The Nasdaq 100 (QQQ) is already testing its 2022 lows, but the S&amp;P 500 and Russell 2000 (IWM) are still 6-9% above their 2022 lows.
Depending on how the market responds to its 2022 lows, that could be a better area to increase risk.


More Downside to Lead to Buying Opportunity?; Buy Ideas in Consumer Staples, EU Banks, Gold Miners

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Country Garden Holdings / Technical Analysis

<ul><li>Wish had more conviction for writing this update. The framework for determining if the bounce is durable or if a trend reversal has occurred is not working or is not clear.</li><li>Stocks that could see tailwinds and drivers for a sustained rally do not have the Volume to confirm the trend change.</li><li>At the same time, stocks with massive headwinds and structural issues have high Volumes.</li></ul>

Wish had more conviction for writing this update. The framework for determining if the bounce is durable or if a trend reversal has occurred is not working or is not clear.Stocks that could see tailwinds and drivers for a sustained rally do not have the Volume to confirm the trend change.At the same time, stocks with massive headwinds and structural issues have high Volumes.

Country Garden, China Resource Land, Alibaba, and HSBC

<ul>
<li>Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward.</li>
<li>Attractive Sectors include Energy and Financials, (and to a lesser extent Staples and Utilities) and these areas remain our primary focus.</li>
<li>Financials (XLF) and Energy (XLE) are hitting new RS highs amid rising rates and new highs in WTI crude oil -- Remain overweight/add exposure on pullbacks.</li>
</ul>


Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward.
Attractive Sectors include Energy and Financials, (and to a lesser extent Staples and Utilities) and these areas remain our primary focus.
Financials (XLF) and Energy (XLE) are hitting new RS highs amid rising rates and new highs in WTI crude oil -- Remain overweight/add exposure on pullbacks.


United Kingdom

HSBC Holdings plc is a British universal bank and financial services group that provides banking and financial products and services worldwide. It offers retail, commercial and institutional banking, global banking and markets, wealth management, and private banking. The company was founded in 1865 and is headquartered in London, United Kingdom.

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HSBC (HSBC US)

Keep a Close Watch on Flash Manufacturing and Services PMIs in February for the US, EU and Japan

Technically, the SET Index is expected to move sideways up, with the resistance at 1,400 points/1,404 points (75-day EMA) and the support at 1,387...

Krungthai XSpring

Krungthai XSpring Zoom Eng.

Recommend buying stocks in the banking, insurance and anti-commodities sectors in response to higher bond yields Fed funds rate may be raised to...

Krungthai XSpring

More Downside to Lead to Buying Opportunity?; Buy Ideas in Consumer Staples, EU Banks, Gold Miners

With market dynamics still bearish, we are sticking with our call that breaks of supports (3910 on SPX, $177.50 on IWM, and $279 on QQQ) are likely...

Vermilion Research

Country Garden, China Resource Land, Alibaba, and HSBC

Wish had more conviction for writing this update. The framework for determining if the bounce is durable or if a trend reversal has occurred is not...

Untying The Gordian Knot

Stick With Energy and Financials

Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward. Attractive Sectors include Energy and...

Vermilion Research

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