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

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>December seasonals across major markets show a generally positive profile, but the path is uneven, with most gains clustering in the final days of the month.</li>
<li>Several markets offer appealing vol selling setups, particularly those with consistently positive December vol premiums and elevated implied levels relative to past outcomes.</li>
<li>Nifty vol appears attractively priced, but its tendency not to monetize in December requires traders to think differently about how they extract value.</li>
</ul>


December seasonals across major markets show a generally positive profile, but the path is uneven, with most gains clustering in the final days of the month.
Several markets offer appealing vol selling setups, particularly those with consistently positive December vol premiums and elevated implied levels relative to past outcomes.
Nifty vol appears attractively priced, but its tendency not to monetize in December requires traders to think differently about how they extract value.


Macro Monthly (December): Seasonal Strength, Vol Selling Edges and a Notable Nifty Setup

<ul>
<li>The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. </li>
<li>Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. </li>
<li>Markets have some momentum and in some cases mean reversion to the price move on the day after the election. </li>
</ul>


The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. 
Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. 
Markets have some momentum and in some cases mean reversion to the price move on the day after the election. 


EQD | US Election -  Hedge Considerations

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

Rikki Malik

Cross Asset Strategy

<ul>
<li>Sentiment, positioning and valuation provide a similar setup to January 2024</li>
<li>External macro events leading to a better fundamental environment for China</li>
<li>Foreign Investors' disappointment in minimal fiscal stimulus provides an asymmetric opportunity</li>
</ul>


Sentiment, positioning and valuation provide a similar setup to January 2024
External macro events leading to a better fundamental environment for China
Foreign Investors' disappointment in minimal fiscal stimulus provides an asymmetric opportunity


Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

<ul>
<li>A lack of institutional investor interest in Hong Kong is a positive for once as the market is less influenced by international flows</li>
<li>Investors are disappointed by the lack of short-term stimulus plans after the Third Plenum session</li>
<li>What to do after the 17,500 level breached on the Hang Seng index?</li>
</ul>


A lack of institutional investor interest in Hong Kong is a positive for once as the market is less influenced by international flows
Investors are disappointed by the lack of short-term stimulus plans after the Third Plenum session
What to do after the 17,500 level breached on the Hang Seng index?


Nowhere to Run to Baby, Nowhere to Hide! Part 3

China

The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The index was developed on December 19, 1990 with a base value of 100. 

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Macro Monthly (December): Seasonal Strength, Vol Selling Edges and a Notable Nifty Setup

December’s uneven but historically positive pattern sets the backdrop, with several markets offering strong vol selling edges and Nifty presenting...

John Ley

EQD | US Election - Hedge Considerations

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

Bloomberg today -Chinese cities removing restrictions on non-Hukou purchases. "China Weighs Removing Major Homebuying Curbs to Boost...

Rikki Malik

Nowhere to Run to Baby, Nowhere to Hide! Part 3

Although the Hong Kong market benefits from lack of international interest, investors seek direction after Third Plenum disappointment and a...

Rikki Malik

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Macro Monthly (December): Seasonal Strength, Vol Selling Edges and a Notable Nifty Setup

December’s uneven but historically positive pattern sets the backdrop, with several markets offering strong vol selling edges and Nifty presenting...

John Ley

EQD | US Election - Hedge Considerations

​The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Just when I Thought I Was Out, They Pull Me Back In – Time for Another Tradeable Rally in the HSI?

Bloomberg today -Chinese cities removing restrictions on non-Hukou purchases. "China Weighs Removing Major Homebuying Curbs to Boost...

Rikki Malik

Nowhere to Run to Baby, Nowhere to Hide! Part 3

​Although the Hong Kong market benefits from lack of international interest, investors seek direction after Third Plenum disappointment and a...

Rikki Malik

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

Although the Hong Kong market benefits from lack of international interest, investors seek direction after Third Plenum disappointment and a...