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

And just like that, the S&amp;P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy has paid off. Primarily responsible for new highs in these indexes is Technology (esp. software and semis/semi suppliers) and FAANG stocks. While these areas all remain bullish, we still have some reservations due to the massive disparity in performance between them and the Materials (XLB, XME) and Energy (RYE) Sectors, and also small-caps (IWM) which continue to hit new RS lows. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Homebuilding, Large-Cap, Casinos &amp; Gaming, Small-Cap, Asset Management &amp; Custody Banks, Large-Cap, and Investment Banking &amp; Brokerage, Small-Cap.

And just like that, the S&amp;P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy has paid off. Primarily responsible for new highs in these indexes is Technology (esp. software and semis/semi suppliers) and FAANG stocks. While these areas all remain bullish, we still have some reservations due to the massive disparity in performance between them and the Materials (XLB, XME) and Energy (RYE) Sectors, and also small-caps (IWM) which continue to hit new RS lows. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Homebuilding, Large-Cap, Casinos &amp; Gaming, Small-Cap, Asset Management &amp; Custody Banks, Large-Cap, and Investment Banking &amp; Brokerage, Small-Cap.

U.S. Equities: Still Bullish, With Reservations

This market continues to be dominated by signals that suggest we are in the early stages of a new bull phase, which we discuss below. At the same time, small-caps continue to be one area of the market that gives us some reason for pause as neither the Russell 2000 or S&amp;P Small Cap 600 indexes have been able to make bullish price or RS inflections. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Large- and Small-Cap Casinos &amp; Gaming , Banks, Super-Regional, and Asset Management &amp; Custody Banks, Large-Cap.

This market continues to be dominated by signals that suggest we are in the early stages of a new bull phase, which we discuss below. At the same time, small-caps continue to be one area of the market that gives us some reason for pause as neither the Russell 2000 or S&amp;P Small Cap 600 indexes have been able to make bullish price or RS inflections. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Large- and Small-Cap Casinos &amp; Gaming , Banks, Super-Regional, and Asset Management &amp; Custody Banks, Large-Cap.

U.S. Equity Strategy: Waiting on Small-Caps

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>PENN Entertainment's first quarter of 2025 results reflect a mixed yet resilient performance, characterized by a robust rebound in gaming volumes despite challenging weather conditions in the earlier months.</li>
<li>Senior management, including CEO Jay Snowden, highlighted both the opportunities and challenges the company faces across its retail and interactive segments.</li>
<li>On the retail side, PENN Entertainment demonstrated resilience with a slight 2% revenue growth year-over-year, excluding properties impacted by new competition.</li>
</ul>


PENN Entertainment's first quarter of 2025 results reflect a mixed yet resilient performance, characterized by a robust rebound in gaming volumes despite challenging weather conditions in the earlier months.
Senior management, including CEO Jay Snowden, highlighted both the opportunities and challenges the company faces across its retail and interactive segments.
On the retail side, PENN Entertainment demonstrated resilience with a slight 2% revenue growth year-over-year, excluding properties impacted by new competition.


PENN Entertainment ICasino Surge: Will Standalone App Growth Redefine Digital Gaming?

United States

PENN Entertainment, Inc. owns and operates casinos, hotels, and racetracks facilities. The Company offers an integrated entertainment, sports content, online sports betting, and casino gaming solutions. PENN Entertainment serves customers in the United States and Canada.

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PENN Entertainment (PENN US)

U.S. Equities: Still Bullish, With Reservations

And just like that, the S&P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy...

Vermilion Research

U.S. Equity Strategy: Waiting on Small-Caps

This market continues to be dominated by signals that suggest we are in the early stages of a new bull phase, which we discuss below. At the same...

Vermilion Research

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders,...

Vermilion Research

U.S. Equity Strategy Weekly

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get...

Vermilion Research

PENN Entertainment ICasino Surge: Will Standalone App Growth Redefine Digital Gaming?

On the retail side, PENN Entertainment demonstrated resilience with a slight 2% revenue growth year-over-year, excluding properties impacted by new...

Baptista Research

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52-week Range

Market Cap (USDm)

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