Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Global Bond Yields move lower, while hard assets and cyclicals continue to outperform</li>
<li>Sanae Takaichi adds doves to the BoJ Board, aligning monetary policy with her goals</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Global Bond Yields move lower, while hard assets and cyclicals continue to outperform
Sanae Takaichi adds doves to the BoJ Board, aligning monetary policy with her goals


Overview #51 — Rates Roll Over, Cyclicals Take Control

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Recent Stock market action hints at what is to come</li>
<li>Indications that there is something brewing in the uranium space</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Recent Stock market action hints at what is to come
Indications that there is something brewing in the uranium space


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 will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.</li>
<li>Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.</li>
<li>Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).</li>
</ul>


We will stay near-term bullish as long as crucial support levels of 6824 on SPX (up from 6480-6520), $610 on QQQ, and $245 on IWM continue to hold.
Just last week (1/6/26 Compass) we discussed the many breakouts (most notably the Russell 2000) which led us to believe immediate upside was ahead. The breakouts just keep coming.
Latest breakouts include SPX, space exploration (ARKX), autonomous/robotics (ARKQ), Consumer Discretionary (XLY), retail (XRT), homebuilders (ITB, XHB), small-cap growth (IWO), quantum (QTUM), China (MCHI), and Staples (XLP).


Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global 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.

<ul>
<li>Rules based world order is being upended at an unprecedented pace. Decades of global rules of interaction are being rewritten.</li>
<li>In times like these, investors obviously flock to haven assets seeking protection. Gold &amp; Silver prices are a true reflection of investors seeking safety against multi-dimensional risks.</li>
<li>Passive, mechanical, &amp; price-insensitive index re-balancing will likely create near term price pull-back but 2026 looks clearly bullish for precious metals. How much higher is another story?</li>
</ul>


Rules based world order is being upended at an unprecedented pace. Decades of global rules of interaction are being rewritten.
In times like these, investors obviously flock to haven assets seeking protection. Gold &amp; Silver prices are a true reflection of investors seeking safety against multi-dimensional risks.
Passive, mechanical, &amp; price-insensitive index re-balancing will likely create near term price pull-back but 2026 looks clearly bullish for precious metals. How much higher is another story?


Intensifying Geopolitics Collides With Annual Passive Gold & Silver Rebalancing Flows

Cross Asset Strategy

<ul>
<li>A review of recent events and data impacting our investment themes and outlook</li>
<li>Tensions ratchet up between China and Japan over Taiwan comments</li>
<li>Signs of a turning point in the Chinese macro environment?</li>
</ul>


A review of recent events and data impacting our investment themes and outlook
Tensions ratchet up between China and Japan over Taiwan comments
Signs of a turning point in the Chinese macro environment?


Overview #45 - Sanctions, Metals, and Mergers

United States

VanEck Gold Miners ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the NYSE Arca Gold Miners Index. The ETF invests in materials stocks of all cap sizes across the globe. Its largest allocation is in North American companies, principally those domiciled in Canada. The ETF weights the holdings using a market capitalization methodology.

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VanEck Gold Miners ETF/USA (GDX US)

Overview #51 — Rates Roll Over, Cyclicals Take Control

A review of recent events/data impacting our investment themes and outlook. We look at the move down in bond yields and impact on our favourite...

Rikki Malik

Overview #47 – Are We There Yet?

A review of recent events/data impacting our investment themes and outlook. We look at recent market action and the changing leadership in the markets

Rikki Malik

Breakouts Just Keep Coming; Upgrading Materials to Market Weight; Still Bullish. Buys: ALB, ATI ++

Breakouts Just Keep Coming $SPX $ARKX $ARKQ $XLY $XRT $ITB $IWO $QTUM $MCHI $XLP; Upgrading Materials to Market Weight $XLB $GDX $XME $REMX; Still...

Vermilion Research

Intensifying Geopolitics Collides With Annual Passive Gold & Silver Rebalancing Flows

In some weeks, decades happen. This last week was one. Geopolitics remains front-and-centre. Index rebalancing headwinds are temporary. Expect...

Mint Finance

Overview #45 - Sanctions, Metals, and Mergers

A review of recent events/data impacting our investment themes and outlook. All clear ahead for many of our investment themes

Rikki Malik

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