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.

Credit

<ul><li>This is our first report on integrated energy player, Phillips 66.</li><li>The company delivered a strong set of results since the start of 2022 and its last quarter was an all-around beat.</li><li>Earlier in the year, the company completed the buy-in of Phillips 66 Partners in midstream.</li></ul>

This is our first report on integrated energy player, Phillips 66.The company delivered a strong set of results since the start of 2022 and its last quarter was an all-around beat.Earlier in the year, the company completed the buy-in of Phillips 66 Partners in midstream.

Phillips 66: Initiation of Coverage – The Rodeo Renewed Project & Other Key Developments

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>The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. </li>
<li>Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.</li>
<li>We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)</li>
</ul>


The latest bear market rally came to a close last week after the S&amp;P 500 and Nasdaq 100 (QQQ) broke below their respective flag supports at 4070 and $304. 
Last week we noted a break of these levels would likely mean a trip back to YTD lows and downtrend channel support, which is precisely where we are now.
We remain bearish as long as the downtrends remain intact on the S&amp;P 500, Nasdaq 100 (QQQ), Russell 2000 (IWM), S&amp;P 600 (IJR), and Russell Micro-Caps (IWC)


US Dollar & 10-Year Treasury Yield Breaking Out; Stick With Energy, Also Buying China Education Svcs

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We continue to see the current environment as a bear market rally with the potential for it turn into something more following bullish breadth thrust signals.</li>
<li>The SPX and NDX have been treading water for a week (bull flags?), but the Russell 2000, DAX, Hang Seng, MSCI China (MCHI), and KWEB have continued to move higher.</li>
<li>We are also seeing major bullish reversals on Europe's STOXX 50 and Japan's Nikkei 225, topside 6- and 9-month downtrends, respectively. These are far from bearish signs.</li>
</ul>


We continue to see the current environment as a bear market rally with the potential for it turn into something more following bullish breadth thrust signals.
The SPX and NDX have been treading water for a week (bull flags?), but the Russell 2000, DAX, Hang Seng, MSCI China (MCHI), and KWEB have continued to move higher.
We are also seeing major bullish reversals on Europe's STOXX 50 and Japan's Nikkei 225, topside 6- and 9-month downtrends, respectively. These are far from bearish signs.


Small-Caps Starting to Lead; Short-Term Flag Patterns on Major Indexes; Ideas in Energy & Materials

<ul>
<li>Last week we noted the S&amp;P 500 was testing support at 3800-3860 within its downtrend channel and that we were on watch for a potential bear market rally/oversold bounce.</li>
<li>This has officially begun following the break above 4030 on the S&amp;P 500, which was confirmed by bullish reversals on the Russell 2000, Nasdaq 100, DAX, Hang Seng, MCHI, KWEB.</li>
<li>As long as 3858 holds, it is possible the S&amp;P 500 breaks above the longer-term downtrend near the 200-day MA, which would mean the start of a new bull market.</li>
</ul>


Last week we noted the S&amp;P 500 was testing support at 3800-3860 within its downtrend channel and that we were on watch for a potential bear market rally/oversold bounce.
This has officially begun following the break above 4030 on the S&amp;P 500, which was confirmed by bullish reversals on the Russell 2000, Nasdaq 100, DAX, Hang Seng, MCHI, KWEB.
As long as 3858 holds, it is possible the S&amp;P 500 breaks above the longer-term downtrend near the 200-day MA, which would mean the start of a new bull market.


Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals

<ul>
<li>We see the S&amp;P 500 as trading within a downtrend channel; as long as it remains within this channel, our intermediate to long-term outlook is bearish at the index level.</li>
<li>With that said, the S&amp;P 500 is currently testing support within the downtrend channel, and we are on watch for a potential bear market rally.</li>
<li>We will need to see a bullish reversal of the 1-month downtrend (currently at 4030-4050) to have confidence that a tradeable bounce is underway, with the potential for more.</li>
</ul>


We see the S&amp;P 500 as trading within a downtrend channel; as long as it remains within this channel, our intermediate to long-term outlook is bearish at the index level.
With that said, the S&amp;P 500 is currently testing support within the downtrend channel, and we are on watch for a potential bear market rally.
We will need to see a bullish reversal of the 1-month downtrend (currently at 4030-4050) to have confidence that a tradeable bounce is underway, with the potential for more.


S&P 500 Downtrend Channel Intact & Testing Support; Buy Ideas Within Energy & Biotech

United States

Phillips 66 is a downstream energy company.  The Company's operations include oil refining, marketing and transportation.  Phillips 66's operations also include chemical manufacturing and power generation.

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Phillips 66 (PSX US)

Phillips 66: Initiation of Coverage – The Rodeo Renewed Project & Other Key Developments

This is our first report on integrated energy player, Phillips 66. The company delivered a strong set of results since the start of 2022 and its...

Baptista Research

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Vermilion Research

Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals

With the $SPX reversing topside the 1-month downtrend (at 4030), the bear market rally is underway with the potential for more. Resistance levels:...

Vermilion Research

S&P 500 Downtrend Channel Intact & Testing Support; Buy Ideas Within Energy & Biotech

The $SPX is trading within a downtrend channel; as long as it remains within this channel, our intermediate to long-term outlook is bearish at the...

Vermilion Research

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