Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

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>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.</li>
<li>We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225</li>
<li>We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities


Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

<ul>
<li>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and  major world currencies.  The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>. 

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Dollar Index (DXY CURNCY)

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Reiterating Japan Overweight; $Nikkei 225, $TOPIX, TOPIX Small, $DXJ All Breaking Out with 2+ year RS uptrends intact on Nikkei and TOPIX. Still...

Vermilion Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

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