Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
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Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>The stock market is at a short-term crossroad. It recently experienced a panic bottom on oversold readings and wash-out sentiment.</li>
<li>We are watching for signs of a bullish follow-through after the expected relief rally.</li>
<li>The bull or bear judgment will depend on the market’s action over the coming days.</li>
</ul>


The stock market is at a short-term crossroad. It recently experienced a panic bottom on oversold readings and wash-out sentiment.
We are watching for signs of a bullish follow-through after the expected relief rally.
The bull or bear judgment will depend on the market’s action over the coming days.


<ul>
<li>Investors should be looking on the bright side this U.S. Thanksgiving. The trade war has stabilized and its effects are manageable and “less bad” than expected.</li>
<li>Weakening growth will open the door to more rate cuts by the Fed.</li>
<li>A lame duck Trump is likely to reduce market volatility in the months ahead.  </li>
</ul>


Investors should be looking on the bright side this U.S. Thanksgiving. The trade war has stabilized and its effects are manageable and “less bad” than expected.
Weakening growth will open the door to more rate cuts by the Fed.
A lame duck Trump is likely to reduce market volatility in the months ahead.  


<ul>
<li>The recent market pullback may have been attributable to a combination of breadth deterioration and a highly bifurcated market.</li>
<li>In the short term, technical price action and sentiment have become stretched to the downside that a bounce is more or less inevitable.</li>
<li>We continue to believe stock prices will rally into year-end, but we are watching for signs of a bullish follow-through after the reflex rally for confirmation.</li>
</ul>


The recent market pullback may have been attributable to a combination of breadth deterioration and a highly bifurcated market.
In the short term, technical price action and sentiment have become stretched to the downside that a bounce is more or less inevitable.
We continue to believe stock prices will rally into year-end, but we are watching for signs of a bullish follow-through after the reflex rally for confirmation.


<ul>
<li>A market leadership review shows a gradual rotation from growth to value leadership, and from high-octane momentum names to fundamentally driven investment factors such as quality and dividend growth.</li>
<li>However, macro factors such as the possibility of Fed easing and short-term technical rotation patterns raise the odds of a growth rebound.</li>
<li>We reiterate our view that long-term equity investors should diversify by adopting a barbell allocation to U.S. growth and non-U.S. developed market value stocks.</li>
</ul>


A market leadership review shows a gradual rotation from growth to value leadership, and from high-octane momentum names to fundamentally driven investment factors such as quality and dividend growth.
However, macro factors such as the possibility of Fed easing and short-term technical rotation patterns raise the odds of a growth rebound.
We reiterate our view that long-term equity investors should diversify by adopting a barbell allocation to U.S. growth and non-U.S. developed market value stocks.


<ul>
<li>The combination of positive price and fundamental momentum points to a rally into year-end.</li>
<li>Sentiment readings are not extended, which is supportive of a beta performance chase</li>
<li>There are also early signs of a leadership shift from growth to value, indicating broadening breadth, but that’s not a necessary condition for an additional price advance.</li>
</ul>


The combination of positive price and fundamental momentum points to a rally into year-end.
Sentiment readings are not extended, which is supportive of a beta performance chase
There are also early signs of a leadership shift from growth to value, indicating broadening breadth, but that’s not a necessary condition for an additional price advance.


Cam Hui has been professionally involved in the financial markets since 1985 in a variety of roles, both as a quantitative equity portfolio manager and as a sell-side analyst. He graduated with a degree in Computer Science from the University of British Columbia in 1980 and obtained his CFA Charter in 1989.

Cam Hui
Cross-Asset Strategist & Quantitative Analyst
• Pennock Idea Hub

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The stock market is at a short-term crossroad. It recently experienced a panic bottom and bounced. We are watching for signs of a bullish follow...

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Investors should be looking on the bright side this U.S. Thanksgiving. The trade war has stabilized and its effects are manageable and “less bad”...

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​Market pullback due to breadth deterioration and highly bifurcated market. Short-term bounce expected but watching for bullish follow-through for...

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​Market leadership is gradually shifting from growth to value, but the possibility of Fed easing and technical rotation patterns may lead to a...

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Market pullback due to breadth deterioration and highly bifurcated market. Short-term bounce expected but watching for bullish follow-through for...

Market leadership is gradually shifting from growth to value, but the possibility of Fed easing and technical rotation patterns may lead to a...

Positive price and fundamental momentum suggest a year-end rally, with sentiment not extended. Early signs of broadening breadth, while welcome,...