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 and Quantitative Research

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Still Favor Defensives Until Market Dynamics Improve; EURO STOXX 50 Testing Crucial 5000 Level

Cautious Outlook; Get Defensive and Sell Rallies; Upgrading Energy; Downgrading Technology

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.</li>
<li>However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious</li>
<li>While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.
However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious
While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).


Fomento Economico Mexica-Ubd (FEMSAUBD MM)

SBI Cards & Payment Services (SBICARD IN)

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Bharti Airtel

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities