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>While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.</li>
<li>Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons</li>
<li>We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market</li>
</ul>


While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.
Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons
We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market


Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>BHP’s bid for Anglo American highlights the value currently in the mining sector</li>
<li>Chinese material stocks outperforming and the world is following suit</li>
<li>Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.</li>
</ul>


BHP’s bid for Anglo American highlights the value currently in the mining sector
Chinese material stocks outperforming and the world is following suit
Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.


"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>Calmness returned to pockets of cross asset markets last week. </li><li>The long end of the US yield curve got off its highs, crude got back under USD 90 and equities are left as the only truly hurt asset with SPX dipping under 5k for the first time since Feb. </li><li>Month-to-date, Energy remains the only sector in green, underlining what we have been saying since the inception of this newsletter</li></ul>

Calmness returned to pockets of cross asset markets last week. The long end of the US yield curve got off its highs, crude got back under USD 90 and equities are left as the only truly hurt asset with SPX dipping under 5k for the first time since Feb. Month-to-date, Energy remains the only sector in green, underlining what we have been saying since the inception of this newsletter

Energy Cable: Inflation starting to bite equities

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Welcome to our weekly Portfolio Watch.</li><li>We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.</li><li>We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.</li></ul>

Welcome to our weekly Portfolio Watch.We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

<ul>
<li>S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.</li>
<li>US Dollar bull flagging and may put pressure on equities in near term.</li>
<li>Nikkei at inflection point. Bulls must stand up here to defend.</li>
</ul>


S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.
US Dollar bull flagging and may put pressure on equities in near term.
Nikkei at inflection point. Bulls must stand up here to defend.


United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

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"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

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Rikki Malik

Energy Cable: Inflation starting to bite equities

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Steno Research

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Gold looks a bit fatigued and silver likely to play catch up. Greenback could present headwinds for equities. Japan reverses big gains in 2024.

Douglas Busch

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Are the Lows "In" for this Pullback?; Market Dynamics Remain Bullish (RS for defensives $XLP, $XLU, $XLV below October 2023 lows among many other...

Vermilion Research

"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

​BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Rikki Malik

Energy Cable: Inflation starting to bite equities

Hi everyone and welcome to this week’s energy cable from a sunny and cold Copenhagen. If you haven’t yet, I’ll recommend that you read our update...

Steno Research

Portfolio Watch: Sitting on our hands

Welcome to our weekly Portfolio Watch. We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent...

Steno Research

Silver Measured Move to 35.50

Gold looks a bit fatigued and silver likely to play catch up. Greenback could present headwinds for equities. Japan reverses big gains in 2024.

Douglas Busch

BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...