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

Technology Select Sector SPDR / Technical Analysis

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

The S&amp;P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement.  Technology in particular continues to top our Sector RSR rankings, fueled by strengthening price and RS action for semiconductors, semi-suppliers, and numerous Software groups. Last week we upgraded our weighting for Technology and its strength continues to broaden out. In this week's report we highlight a number of actionable Technology stocks across our various Groups.

U.S. Tech Stocks Are Leading Market Higher.

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Tower disclosed $1.3 billion in contracted silicon photonics revenue for 2027, backed by $290 million in customer prepayments, indicating clear contracted demand beyond thematic exposure.</li>
<li>Tower's SiPh process already underpins a named 1.6T optical module collaboration with Nvidia, placing it at the fabrication layer of the AI networking stack.</li>
<li>The Intel Fab 11 300mm capacity arrangement remains in dispute, but the core SiPh thesis does not require it and can stand on hitherto disclosed contracts alone.</li>
</ul>


Tower disclosed $1.3 billion in contracted silicon photonics revenue for 2027, backed by $290 million in customer prepayments, indicating clear contracted demand beyond thematic exposure.
Tower's SiPh process already underpins a named 1.6T optical module collaboration with Nvidia, placing it at the fabrication layer of the AI networking stack.
The Intel Fab 11 300mm capacity arrangement remains in dispute, but the core SiPh thesis does not require it and can stand on hitherto disclosed contracts alone.


Tower Semiconductor: The TSMC of the CPO Trade

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).

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

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> will be deleted from Nasdaq100 on 15 May 2026 due to the fast-exit rule, which has been implemented for the last time with the old methodology.</li>
<li>
<a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> will be added to the index replacing <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a>, <a href="https://www.smartkarma.com/entities/medline-inc" target="_blank" data-smartkarma-citation="entities:45954:1" rel="noopener">Medline (MDLN US)</a> and <a href="https://www.smartkarma.com/entities/teradyne-inc" target="_blank" data-smartkarma-citation="entities:13088:1" rel="noopener">Teradyne Inc (TER US)</a> are now the top addition candidates to replace the upcoming deletions in June 2026 with the new methodology.</li>
</ul>



Costar Group (CSGP US) will be deleted from Nasdaq100 on 15 May 2026 due to the fast-exit rule, which has been implemented for the last time with the old methodology.

Lumentum Holdings (LITE US) will be added to the index replacing Costar Group (CSGP US).

CoreWeave (CRWV US), Medline (MDLN US) and Teradyne Inc (TER US) are now the top addition candidates to replace the upcoming deletions in June 2026 with the new methodology.


Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

United States

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

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Teradyne Inc (TER US)

U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

Tower Semiconductor: The TSMC of the CPO Trade

Tower's silicon photonics revenue for 2027 is backed by customer prepayments, showing strong demand and collaborations with Nvidia, despite Intel...

Mint Finance

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

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed...

Vermilion Research

Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

Costar will be removed from Nasdaq100 via fast‑exit on 15 May with Lumentum replacing it, while Medline, CoreWeave and Teradyne are the top...

Dimitris Ioannidis

U.S. Equity Sector Rankings

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking betterthan average-weighted (or equal-weighted),...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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U.S. Tech Stocks Are Leading Market Higher.

The S&P 500 remains just short of formidable resistance at its 200-day MA. Yet, there are signs of continued breadth improvement. Technology...

Vermilion Research

Tower Semiconductor: The TSMC of the CPO Trade

​Tower's silicon photonics revenue for 2027 is backed by customer prepayments, showing strong demand and collaborations with Nvidia, despite Intel...

Mint Finance

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

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed...

Vermilion Research

Lumentum (LITE US): Nasdaq100 Inclusion Driven by Costar’s Fast‑Exit

Costar will be removed from Nasdaq100 via fast‑exit on 15 May with Lumentum replacing it, while Medline, CoreWeave and Teradyne are the top...

Dimitris Ioannidis

U.S. Equity Sector Rankings

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking betterthan average-weighted (or equal-weighted),...

Vermilion Research

Tower's silicon photonics revenue for 2027 is backed by customer prepayments, showing strong demand and collaborations with Nvidia, despite Intel...