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>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>Support at $152.35-$153.70 on ACWI-US held, and we discussed last week- as long as this support holds, the multi-month consolidation appears healthy as ACWI-US works off excesses from April-May gains.</li>
<li>ACWI-US now displays a clean 2-month base breakout, MSCI EM (EEM-US) is reversing its 1+ month downtrend, and MSCI EAFE (EFA-US) displays a 5.5+ month base breakout.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
Support at $152.35-$153.70 on ACWI-US held, and we discussed last week- as long as this support holds, the multi-month consolidation appears healthy as ACWI-US works off excesses from April-May gains.
ACWI-US now displays a clean 2-month base breakout, MSCI EM (EEM-US) is reversing its 1+ month downtrend, and MSCI EAFE (EFA-US) displays a 5.5+ month base breakout.


Time to Buy Global Tech Stocks (Lenovo, SAP); Metals/Miners Also in Focus; MSCI ACWI Clean Breakout

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul>
<li>Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened volatility, much like the influence of DELTA's price movements.</li>
<li>Nevertheless, the bullish price pattern remains intact.</li>
<li>However, we continue to recommend buying on weakness, as the index is likely to experience periodic profit-taking while awaiting fresh positive catalysts to drive the next leg of the rally.</li>
</ul>


Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened volatility, much like the influence of DELTA's price movements.
Nevertheless, the bullish price pattern remains intact.
However, we continue to recommend buying on weakness, as the index is likely to experience periodic profit-taking while awaiting fresh positive catalysts to drive the next leg of the rally.


Krungthai XSpring Technical Eng. July 13, 2026

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.</li><li>Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.</li><li>The next step is royal endorsement, followed by the appointment of the new Cabinet.</li></ul>

The SET Index is expected to remain volatile today, with resistance at 1,273/1,284 points and support at 1,260/1,250 points.Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor confidence.The next step is royal endorsement, followed by the appointment of the new Cabinet.

Krungthai XSpring Zoom Eng. September 8, 2025

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>The Hong Kong-based investor has quietly bought up 17.7% of this newly focused, stellar performing online betting giant.</li>
<li>The Stars Group, Inc. could be poised for a big spike if the US Supreme Court rules to open the floodgates on sports betting.</li>
<li>Tang Hao, in watchful waiting stage as shares, sit in narrow trading range as catalysts build.</li>
</ul><p>Low profile Hong-Kong based investor Tang Hao has been quietly accumulating shares of the rechristened The Stars Group,Ltd (TSGI.TO) also traded on NASDAQ…</p>


The Hong Kong-based investor has quietly bought up 17.7% of this newly focused, stellar performing online betting giant.
The Stars Group, Inc. could be poised for a big spike if the US Supreme Court rules to open the floodgates on sports betting.
Tang Hao, in watchful waiting stage as shares, sit in narrow trading range as catalysts build.
Low profile Hong-Kong based investor Tang Hao has been quietly accumulating shares of the rechristened The Stars Group,Ltd (TSGI.TO) also traded on NASDAQ…

Under the Radar Tang Hao Has Been Accumulating The Stars Group at a Furious Pace

<ul>
<li>New management, stronger financials has produced a succession of earnings beats: M&amp;A moves in CEO crosshairs plus broadening of platform marketing outside the EU.</li>
<li>Among company's key targets in Asia is India, as its internet penetration and gaming profile ramps up. Legality of online wagering fuzzy, mostly gray area. Casinos legalization largely left to states.</li>
<li>EU decline in poker business to be offset by moves in Asia with real money casino betting and rapidly growing sports betting and fantasy…</li>
</ul>


New management, stronger financials has produced a succession of earnings beats: M&amp;A moves in CEO crosshairs plus broadening of platform marketing outside the EU.
Among company's key targets in Asia is India, as its internet penetration and gaming profile ramps up. Legality of online wagering fuzzy, mostly gray area. Casinos legalization largely left to states.
EU decline in poker business to be offset by moves in Asia with real money casino betting and rapidly growing sports betting and fantasy…


Global Online Wagering Projected Growth to Reach US$60 Billion by 2020: Time to Look at Amaya,Inc.

United States

The Stars Group Inc. operates as an online gaming company. The Company owns gaming and related consumer businesses and brands, comprising of online poker games and tournaments, live competitions, and programming created for television and online audiences. Stars Group serves customers worldwide.

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Amaya Inc (AYA US)

Time to Buy Global Tech Stocks (Lenovo, SAP); Metals/Miners Also in Focus; MSCI ACWI Clean Breakout

Time to Buy Global Technology Stocks (Lite-On, Lenovo, $SAP, etc.); Metals/Miners Also in Focus $AYA $GDX $XME; MSCI $ACWI Clean Breakout; Bullish...

Vermilion Research

Krungthai XSpring Technical Eng. July 13, 2026

Fund inflows have become the key driver behind the market's strong advance, although they have also increased the potential for heightened...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 8, 2025

Domestically, sentiment has turned positive after parliament approved Anutin Charnvirakul as the new Prime Minister, helping restore investor...

Krungthai XSpring

Under the Radar Tang Hao Has Been Accumulating The Stars Group at a Furious Pace

The Hong Kong-based investor has quietly bought up 17.7% of this newly focused, stellar performing online betting giant. The Stars Group, Inc....

Howard J Klein

Global Online Wagering Projected Growth to Reach US$60 Billion by 2020: Time to Look at Amaya,Inc.

New management, stronger financials has produced a succession of earnings beats: M&A moves in CEO crosshairs plus broadening of platform...

Howard J Klein

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