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

We continue to view the market as healthy in terms of breadth, although rotations are occurring at the margin which warrant minor tweaks to our overall theme of continued consolidation and heightened volatility. Also within our May Equity Strategy, we highlight opportunities within the Technology (Overweight), Financial (Overweight), and Energy (Market weight) Sectors.

We continue to view the market as healthy in terms of breadth, although rotations are occurring at the margin which warrant minor tweaks to our overall theme of continued consolidation and heightened volatility. Also within our May Equity Strategy, we highlight opportunities within the Technology (Overweight), Financial (Overweight), and Energy (Market weight) Sectors.

U.S. Equity Strategy: Upgrading Utilities, Downgrading Manufacturing

In our March Strategy we provide a top down analysis of U.S. equity market drivers, and highlight opportunities within the following Sectors:• Technology: Overweight.  Technology remains a leadership Sector as uptrends and significant bases remain intact. The recent pullback has resulted in a number of groups breaking to new highs especially in the Software related groups. Historically investors will move to software related names to reduce risk as these companies often have a source of reoccurring revenue. Large- and Mid-cap semiconductors have also been quite resilient, whereas small- and micro-cap semis are seeing breakdowns in price and RS.• Financials: Overweight. Financials continue to plod up and to the right. Banks and thrifts, exchanges, investing banking and brokerage, pawn shops and Latin/South American banks look attractive.

In our March Strategy we provide a top down analysis of U.S. equity market drivers, and highlight opportunities within the following Sectors:• Technology: Overweight.  Technology remains a leadership Sector as uptrends and significant bases remain intact. The recent pullback has resulted in a number of groups breaking to new highs especially in the Software related groups. Historically investors will move to software related names to reduce risk as these companies often have a source of reoccurring revenue. Large- and Mid-cap semiconductors have also been quite resilient, whereas small- and micro-cap semis are seeing breakdowns in price and RS.• Financials: Overweight. Financials continue to plod up and to the right. Banks and thrifts, exchanges, investing banking and brokerage, pawn shops and Latin/South American banks look attractive.

U.S. Equity Strategy: Cyclicals Are Leadership, Small-Caps Are Closing the Gap.

We are witnessing widespread bullish inflections throughout the U. S. Financial Sector, specifically within our Asset Manager, Bank, Credit Card Issuers, and Investment Banks/Brokers Groups. This is also confirmed by the XLF’s relative strength inflection higher. In this week’s report we narrow in on actionable ideas in the following Financial Groups:<ul><li>Mortgage Insurance (FN-20). MTG, RDN, ESNT, NMIH... pages 8-10</li><li>Credit Card Issuers (FN-27). AXP, COF, SYF, DFS... pages 11-13</li><li>Banks, Super-Regional (FN-15). BAC, WFC, USB, PNC, BBT, RF, FITB... pages 14-17</li><li>Banks, Western, Large-Cap (FN-16). SIVB, ZION, WAL, UMPQ, CATY... pages 18-20</li></ul>

We are witnessing widespread bullish inflections throughout the U. S. Financial Sector, specifically within our Asset Manager, Bank, Credit Card Issuers, and Investment Banks/Brokers Groups. This is also confirmed by the XLF’s relative strength inflection higher. In this week’s report we narrow in on actionable ideas in the following Financial Groups:Mortgage Insurance (FN-20). MTG, RDN, ESNT, NMIH... pages 8-10Credit Card Issuers (FN-27). AXP, COF, SYF, DFS... pages 11-13Banks, Super-Regional (FN-15). BAC, WFC, USB, PNC, BBT, RF, FITB... pages 14-17Banks, Western, Large-Cap (FN-16). SIVB, ZION, WAL, UMPQ, CATY... pages 18-20

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

The suggestion that <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a> is planning a second, larger, investment fund may well answer the question of what Son plans to do once <a href="https://www.smartkarma.com/entities/921" target="_blank" data-smartkarma-citation="entities:921:1">Sprint (S US)</a> is sold. However, if it is the answer, then execution becomes key for shareholders. As we see it, the problem with the Sprint sale is that it leaves SoftBank, outside of Japan, starting from scratch at a corporate level, at a time when obvious targets are few and costly. Corporate SoftBank can coalesce around SoftBank Mobile and <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan</a>…

The suggestion that Softbank (9984 JP) is planning a second, larger, investment fund may well answer the question of what Son plans to do once Sprint (S US) is sold. However, if it is the answer, then execution becomes key for shareholders. As we see it, the problem with the Sprint sale is that it leaves SoftBank, outside of Japan, starting from scratch at a corporate level, at a time when obvious targets are few and costly. Corporate SoftBank can coalesce around SoftBank Mobile and Yahoo Japan…

SoftBank (9984) - Doubling Up on the VC Bet?

The technical narrative of the U.S. equity market remains bullish, and it’s not the S&amp;P 500 and Russell 2000’s new highs that are talking the loudest -- it’s the Sector and Group trends. With the exception of Consumer Discretionary, cyclicals continue to outperform.  In addition, bank stocks are recovering from failed breakdowns, aided by a rebound in interest rates and, setting the stage for another leg higher. Asset managers also exhibit strength. In today’s report we highlight actionable ideas in both Groups ... pages 9-20

The technical narrative of the U.S. equity market remains bullish, and it’s not the S&amp;P 500 and Russell 2000’s new highs that are talking the loudest -- it’s the Sector and Group trends. With the exception of Consumer Discretionary, cyclicals continue to outperform.  In addition, bank stocks are recovering from failed breakdowns, aided by a rebound in interest rates and, setting the stage for another leg higher. Asset managers also exhibit strength. In today’s report we highlight actionable ideas in both Groups ... pages 9-20

U.S. Equity Strategy Weekly: Actionable Banks & Asset Managers

United States

SVB Financial Group is the holding company for Silicon Valley Bank.  The Bank is a commercial bank that serves emerging growth and middle-market growth companies in targeted niches, focusing on the technology and life sciences industries.  Silicon Valley operates offices throughout the Silicon Valley and other areas of California, as well as in other states.

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SVB Financial (SIVB US)

U.S. Equity Strategy: Upgrading Utilities, Downgrading Manufacturing

We continue to view the market as healthy in terms of breadth, although rotations are occurring at the margin which warrant minor tweaks to our...

Vermilion Research

U.S. Equity Strategy: Cyclicals Are Leadership, Small-Caps Are Closing the Gap.

In our March Strategy we provide a top down analysis of U.S. equity market drivers, and highlight opportunities within the following Sectors:•...

Vermilion Research

U. S. Equity Strategy Weekly

We are witnessing widespread bullish inflections throughout the U. S. Financial Sector, specifically within our Asset Manager, Bank, Credit Card...

Vermilion Research

SoftBank (9984) - Doubling Up on the VC Bet?

The suggestion that Softbank (9984 JP) is planning a second, larger, investment fund may well answer the question of what Son plans to do once...

Pelham Smithers Associates

U.S. Equity Strategy Weekly: Actionable Banks & Asset Managers

The technical narrative of the U.S. equity market remains bullish, and it’s not the S&P 500 and Russell 2000’s new highs that are talking the...

Vermilion Research

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