Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>We’re here again for our weekly Portfolio Watch, and I must admit, it’s been a rather challenging week.</li><li>We found ourselves on the wrong side of the equity spread between CRAK and IYT. It’s ironic, really, as we initially thought the main risk was being fashionably late to the party.</li><li>Alas, it was the crack spreads that unexpectedly threw us off balance.</li></ul>

We’re here again for our weekly Portfolio Watch, and I must admit, it’s been a rather challenging week.We found ourselves on the wrong side of the equity spread between CRAK and IYT. It’s ironic, really, as we initially thought the main risk was being fashionably late to the party.Alas, it was the crack spreads that unexpectedly threw us off balance.

Portfolio Watch: No Quarter and No Surrender

Senior Equity Derivatives Trader

Simon Harris

Equity Derivatives

<ul>
<li>Weekly summary of vol changes and moves across Global Markets</li>
<li>Analysing ATM volatility and skew changes over the last 5 days</li>
<li>We suggest a few trades to take advantage of the implied vol surfaces</li>
</ul>


Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces


EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Good News Is Good News

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Shutdown or Meltdown?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul>
<li>The WTR Sustainable Index underperformed the broader market, falling 5.3% W/W versus the S&amp;P 500 Index (down 2.9%), the Russell 2000 Index (down 3.8%), and the Nasdaq Index (down 3.3%).</li>
<li>Energy Technology (14.6% of the index) contributed to the index’s underperformance, falling 7.5%, while Industrial Climate and Ag Technology (46.5% of the index) was down 2.7%, ClimateTech Mining was down 8.0%, and Advanced Transportation Solutions was down 7.2%.</li>
<li>Top 10 Performers: CLIR, NHHH, BRDS, NILI, FPX, ATLX, GIGA, ABML, WAVE, LTBR</li>
</ul>


The WTR Sustainable Index underperformed the broader market, falling 5.3% W/W versus the S&amp;P 500 Index (down 2.9%), the Russell 2000 Index (down 3.8%), and the Nasdaq Index (down 3.3%).
Energy Technology (14.6% of the index) contributed to the index’s underperformance, falling 7.5%, while Industrial Climate and Ag Technology (46.5% of the index) was down 2.7%, ClimateTech Mining was down 8.0%, and Advanced Transportation Solutions was down 7.2%.
Top 10 Performers: CLIR, NHHH, BRDS, NILI, FPX, ATLX, GIGA, ABML, WAVE, LTBR


Weekly Sustainable Investing Surveyor - Week Ended September 22, 2023

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>We've expected to see 4300-4325 act as major support on SPX, while also expecting consolidation between 4300-4325 support and 4600 resistance until the end of September, and possibly longer.</li>
<li>Still possible this 4300-4325 support holds, but odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar (DXY) and Treasury yields </li>
<li>Also adding to concerns: 1+ year uptrend violations on $IWO/$IWP, and breakdowns below 34,280 on the Dow, $180 on IWM, $472 on SOXX, $81 on ITB, and $104-$105 on XLI</li>
</ul>


We've expected to see 4300-4325 act as major support on SPX, while also expecting consolidation between 4300-4325 support and 4600 resistance until the end of September, and possibly longer.
Still possible this 4300-4325 support holds, but odds of a deeper pullback to SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar (DXY) and Treasury yields 
Also adding to concerns: 1+ year uptrend violations on $IWO/$IWP, and breakdowns below 34,280 on the Dow, $180 on IWM, $472 on SOXX, $81 on ITB, and $104-$105 on XLI


U.S. Dollar (DXY) And Treasury Yields Breaking Out; Growing Number of Index/Sector Breakdowns

United States

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The index was developed with a base value of 125 as of February 1, 1985. Prior to December 21,1998 the Nasdaq 100 was a cap-weighted index.

Nasdaq-100 Stock Index (NDX INDEX)

Portfolio Watch: No Quarter and No Surrender

We’re here again for our weekly Portfolio Watch, and I must admit, it’s been a rather challenging week. We found ourselves on the wrong side of the...

Steno Research

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Good News Is Good News

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Shutdown or Meltdown?

A weekly look at spot, vol and skew changes across 8 global Indices. We analyse the changes and try to identify the best trades based on the vol...

Simon Harris

Weekly Sustainable Investing Surveyor - Week Ended September 22, 2023

The WTR Sustainable Index underperformed the broader market, falling 5.3% W/W versus the S&P 500 Index (down 2.9%), the Russell 2000 Index (down...

Water Tower Research

U.S. Dollar (DXY) And Treasury Yields Breaking Out; Growing Number of Index/Sector Breakdowns

Odds of a deeper pullback to $SPX 4165-4200/the 200-day MA have increased following major breakouts in the U.S. dollar $DXY and Treasury yields...

Vermilion Research