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>Ross Stores, Inc. reported a strong performance during its third quarter, indicating a positive trajectory in both sales and operational metrics.</li><li>Total sales increased by 10% to $5.6 billion, supported by a 7% rise in comparable store sales.</li><li>This growth was widespread across all major merchandise categories, with particularly impressive results in cosmetics, shoes, and ladies' apparel.</li></ul>

Ross Stores, Inc. reported a strong performance during its third quarter, indicating a positive trajectory in both sales and operational metrics.Total sales increased by 10% to $5.6 billion, supported by a 7% rise in comparable store sales.This growth was widespread across all major merchandise categories, with particularly impressive results in cosmetics, shoes, and ladies' apparel.

Ross Stores: Meta & TikTok Momentum Strengthening Customer Traffic at Scale!

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

VanEck Gold Miners ETF/USA / Technical Analysis

<ul>
<li>Discussed risk/reward favored buyers in late-October as supports were being tested (October 24 and 31), then we outlined on 11/7/23 our belief that a significant year-end rally was likely underway.</li>
<li>New market-generated information has continued to be risk-on, which has only reinforced our bullish outlook on the broad equity market.  We continue to expect a rally into year-end and beyond</li>
<li>Gold and silver are bullishly inflecting, and we are buying GLD, SLV, and the miners (GDX, GDXJ)</li>
</ul>


Discussed risk/reward favored buyers in late-October as supports were being tested (October 24 and 31), then we outlined on 11/7/23 our belief that a significant year-end rally was likely underway.
New market-generated information has continued to be risk-on, which has only reinforced our bullish outlook on the broad equity market.  We continue to expect a rally into year-end and beyond
Gold and silver are bullishly inflecting, and we are buying GLD, SLV, and the miners (GDX, GDXJ)


Continue to Ride the Trend Higher; Buying Gold, Silver, Miners $GDX $GDXJ $GLD $SLV

<ul>
<li>The SPX, $IWM, $QQQ continue to have trouble breaking above their 200-day MAs and YTD downtrends, while the DJIA has been unable to sustain a breakout above 34,280.</li>
<li>With that said, all four of these indexes are consolidating within tight ranges just below the aforementioned resistance levels, building energy for the eventual breakdown or breakout.</li>
<li>We still recommend shifting exposure to defensives (Staples,Utilities,Health Care) and/or taking profits following this rally, but we cannot rule out potential for major upside breakouts. We discuss specific levels below.</li>
</ul>


The SPX, $IWM, $QQQ continue to have trouble breaking above their 200-day MAs and YTD downtrends, while the DJIA has been unable to sustain a breakout above 34,280.
With that said, all four of these indexes are consolidating within tight ranges just below the aforementioned resistance levels, building energy for the eventual breakdown or breakout.
We still recommend shifting exposure to defensives (Staples,Utilities,Health Care) and/or taking profits following this rally, but we cannot rule out potential for major upside breakouts. We discuss specific levels below.


Today's Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910

<ul>
<li>Our Russell 2000 (IWM) and S&amp;P 500 targets for this rally have been the 200-day MAs, coinciding with YTD downtrends.</li>
<li>The Russell already hit this target while the S&amp;P is closing in, less than 1% away.</li>
<li>Still, the vast majority of signals point to further upside ahead for the market indexes, and a possible end to the bear market.</li>
</ul>


Our Russell 2000 (IWM) and S&amp;P 500 targets for this rally have been the 200-day MAs, coinciding with YTD downtrends.
The Russell already hit this target while the S&amp;P is closing in, less than 1% away.
Still, the vast majority of signals point to further upside ahead for the market indexes, and a possible end to the bear market.


Rally Continues Following Breaks in USD & 10-Yr Yield; Buy Ideas in Energy & Consumer Discretionary

United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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Ross Stores Inc (ROST US)

Ross Stores: Meta & TikTok Momentum Strengthening Customer Traffic at Scale!

Ross Stores, Inc. reported a strong performance during its third quarter, indicating a positive trajectory in both sales and operational...

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Continue to Ride the Trend Higher; Buying Gold, Silver, Miners $GDX $GDXJ $GLD $SLV

New market-generated information continues to be risk-on, which has only reinforced our bullish outlook on the broad equity market. We still expect...

Vermilion Research

Today's Fed Day to Determine Next Big Market Move? SPX Key Levels: 4100 and 3910

4100 is clear resistance to watch on the $SPX, while support continues to be at 3910; this has been the range for a month. We lean breakdown below...

Vermilion Research

Rally Continues Following Breaks in USD & 10-Yr Yield; Buy Ideas in Energy & Consumer Discretionary

Our $IWM target (its 200-day MA) has been hit and our $SPX target is less than 1% away. Still, the rally is poised to continue following breaks in...

Vermilion Research

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