Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

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.

Equity Bottom-Up

<ul><li>Short covering dominated the week of August 10.</li><li>PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.</li><li>Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.</li></ul>

Short covering dominated the week of August 10.PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.

Short Sellers in Retreat — With Pockets of New Conviction

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.

Technical Analysis

Bangkok Dusit Medical Services / Technical Analysis

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,610/1,618 points and the support at 1,590/1,580 points.</li><li>We recommend trading buy on BDMS, BEM and BAFS.</li><li>Technically, the index may rebound in a limited range after US bond yields and the USD weakened; however, the big picture remains a downtrend in a head-and-shoulders pattern, with the support at 1,560 points - there will be a new bullish signal only if the index stands above 1,618 points.</li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,610/1,618 points and the support at 1,590/1,580 points.We recommend trading buy on BDMS, BEM and BAFS.Technically, the index may rebound in a limited range after US bond yields and the USD weakened; however, the big picture remains a downtrend in a head-and-shoulders pattern, with the support at 1,560 points - there will be a new bullish signal only if the index stands above 1,618 points.

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.

<ul>
<li>In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.</li>
<li>We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ</li>
<li>With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.</li>
</ul>


In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.
We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ
With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.


Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.</li>
<li>The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become <strong>the</strong> conviction sector holding among US Value managers.</li>
<li>The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.</li>
</ul>


US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.
The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become the conviction sector holding among US Value managers.
The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.


Macroeconomic and Investing, The Macro Compass

Alfonso Peccatiello (Alf)

Macroeconomic and Investing

The Macro Compass

Actionable investment ideas and unique global macro insights. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

Actionable Investment Ideas

<ul><li>Healthcare stocks tend to do better than the broad S&amp;P 500 in risk-off environments and periods of slowing economic growth.</li><li><p>The purchasing managers’ index and various leading indicators continue to suggest economic deceleration is in store for 2022</p></li><li>Meanwhile, healthcare stocks generally have attractive valuations. They’ve not been piled into by hedge funds or meme traders</li></ul>

Healthcare stocks tend to do better than the broad S&amp;P 500 in risk-off environments and periods of slowing economic growth.The purchasing managers’ index and various leading indicators continue to suggest economic deceleration is in store for 2022Meanwhile, healthcare stocks generally have attractive valuations. They’ve not been piled into by hedge funds or meme traders

United States

The Cigna Group operates as an insurance company. The Company offers life, accident, disability, supplemental, medicare, and dental insurance products and services. The Cigna Group serves individuals, families, and businesses worldwide.

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Cigna Group (CI US)

Short Sellers in Retreat — With Pockets of New Conviction

Short covering dominated the week of August 10. PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven...

ORTEX Market Intel

Krungthai XSpring Zoom English

The SET Index is expected to move sideways up, with the resistance at 1,610/1,618 points and the support at 1,590/1,580 points. We recommend...

Krungthai XSpring

Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

Bloomberg Commodity index $DJP violating 2.5-yr uptrend; a break below $32.50 would send commodity prices much lower, & would be deflationary. $SPX...

Vermilion Research

US Value Funds Rotate in to Health Care

US Value managers have made an active rotation in to the Health Care sector, pushing allocations to their highest levels on record.

Steven Holden

A Healthy Long for Your Portfolio

Healthcare stocks tend to do better than the broad S&P 500 in risk-off environments and periods of slowing economic growth. The purchasing...

Alfonso Peccatiello (Alf)

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