Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>Nascent signs of a major market top are appearing even as the S&amp;P 500 tests its all-time high.</li>
<li>A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices.</li>
<li>The scenario of a major market top in Q1 or Q2 2025 is building. The caveat is these are very early signs of risk.</li>
</ul>


Nascent signs of a major market top are appearing even as the S&amp;P 500 tests its all-time high.
A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices.
The scenario of a major market top in Q1 or Q2 2025 is building. The caveat is these are very early signs of risk.


Two Key Risks to the Bull That No One Is Talking About

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).</li><li>Energy Technology (13.7% of the index) was up 0.9%, while Industrial Climate and Ag Technology (47.2% of the index) was up 4.5%, ClimateTech Mining was up 2.2%, and Advanced Transportation Solutions (21.3% of index) was up 2.7%.</li><li>Top 10 Performers: AZRE, DCFC, FGPHF, IDEX, TMC, IONR, <span style="font-size: var(--content-font-size);">GWTI, LITM, CLIR, EOSE</span></li></ul>

The WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).Energy Technology (13.7% of the index) was up 0.9%, while Industrial Climate and Ag Technology (47.2% of the index) was up 4.5%, ClimateTech Mining was up 2.2%, and Advanced Transportation Solutions (21.3% of index) was up 2.7%.Top 10 Performers: AZRE, DCFC, FGPHF, IDEX, TMC, IONR, GWTI, LITM, CLIR, EOSE

Sustainable Investing Surveyor - Focus on Montauk Renewables, Inc. (MNTK)

Clean Energy Technologies  / Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 1.9%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.2%).</li><li>Energy Technology (14.0% of the index) was down 3.8%, while Industrial Climate and Ag Technology (46.6% of the index) was down 1.8%, ClimateTech Mining was down 2.9%, and Advanced Transportation Solutions (21.4% of index) was down 5.3%.</li><li>Top 10 Performers: SPI, BNRG, AZRE, ARVL, TGEN, ARBE, EGT, GP, GCEI, PSI</li></ul>

The WTR Sustainable Index was down 3.1% W/W versus the S&amp;P 500 Index (down 1.9%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.2%).Energy Technology (14.0% of the index) was down 3.8%, while Industrial Climate and Ag Technology (46.6% of the index) was down 1.8%, ClimateTech Mining was down 2.9%, and Advanced Transportation Solutions (21.4% of index) was down 5.3%.Top 10 Performers: SPI, BNRG, AZRE, ARVL, TGEN, ARBE, EGT, GP, GCEI, PSI

Sustainable Investing Surveyor - Focus on Clean Energy Technologies, Inc.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The Insight presents two <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener"><strong>S&amp;P 500 INDEX</strong> (SPX INDEX)</a> options strategies for 2025. Call overwriting can generate premium income and potentially enhance returns in a choppy but mildly positive market.</li>
<li>The second strategy is a Risk Reversal, using the proceeds from a short call to buy a protective put option, providing downside protection while still allowing for some upside potential.</li>
<li>Both strategies are designed to align with the expected market conditions, considering factors such as inflation, economic growth, and market volatility.</li>
</ul>


The Insight presents two S&amp;P 500 INDEX (SPX INDEX) options strategies for 2025. Call overwriting can generate premium income and potentially enhance returns in a choppy but mildly positive market.
The second strategy is a Risk Reversal, using the proceeds from a short call to buy a protective put option, providing downside protection while still allowing for some upside potential.
Both strategies are designed to align with the expected market conditions, considering factors such as inflation, economic growth, and market volatility.


EQD | S&P 500 (SPX Index) - An Options Strategy for 2025

<ul>
<li>The first day of the Santa rally window was December 24 and the last day was January 3, and Santa Claus didn't appear this year.</li>
<li>We believe investors need to consider short- and intermediate-term market conditions separately. Current market weakness has left the market poised for a reflex rally.</li>
<li>The key to the intermediate term outlook is the market’s behaviour during the anticipated rebound. Can breadth broaden out and more stocks participate on the upside?</li>
</ul>


The first day of the Santa rally window was December 24 and the last day was January 3, and Santa Claus didn't appear this year.
We believe investors need to consider short- and intermediate-term market conditions separately. Current market weakness has left the market poised for a reflex rally.
The key to the intermediate term outlook is the market’s behaviour during the anticipated rebound. Can breadth broaden out and more stocks participate on the upside?


United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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SPDR S&P 500 (SPY US)

Two Key Risks to the Bull That No One Is Talking About

A growing negative breadth divergence and a potential growth shock of mass deportations could sideswipe stock prices even as the S&P 500 makes an...

Cam Hui

Sustainable Investing Surveyor - Focus on Montauk Renewables, Inc. (MNTK)

The WTR Sustainable Index was up 3.2% W/W versus the S&P 500 Index (up 2.9%), the Russell 2000 Index (up 4.0%) and the Nasdaq Index (up 2.8%).

Water Tower Research

Sustainable Investing Surveyor - Focus on Clean Energy Technologies, Inc.

The WTR Sustainable Index was down 3.1% W/W versus the S&P 500 Index (down 1.9%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down...

Water Tower Research

EQD | S&P 500 (SPX Index) - An Options Strategy for 2025

S&P 500 options strategies for a choppy but mildly positive 2025. Call Overwriting for premium income and Risk Reversal for downside protection...

Gaudenz Schneider

A Failed Santa Claus Rally, What Now?

We believe investors need to consider short- and intermediate-term market conditions separately. Current market weakness has left the market poised...

Cam Hui

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