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
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


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>Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"</li>
<li>All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).</li>
<li>Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.</li>
</ul>


Since 11/21/23 Compass we have discussed weekly that even a minor 2-5% pullback is far from a guarantee, considering "breakaway gaps" and what appeared to be an ongoing "lockout rally"
All we got was a 1% peak to trough decline in the S&amp;P 500, while the Nasdaq 100 (QQQ) pulled back 2.9% (though left the 11/14/23 gap unfilled).
Now, SPX and QQQ are breaking out yet again after a multi-week consolidation period, including SPX breaking above 2-year resistance at 4600-4607. This is what a strong market looks like.


Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

<ul>
<li>The broad equity market has been on an absolute tear since we discussed in our 10/31/23 Compass how risk/reward favored buyers as key supports were being tested on SPX/QQQ/IWM</li>
<li>Furthermore, we discussed in our 11/7/23 Compass our belief that this was more than just another counter-trend rally, and that it is likely the start of a significant year-end rally.</li>
<li>Bullish developments have only continued; among them includes 3.5-month downtrend reversals on the S&amp;P 500 and QQQ. We expect more upside into year-end and beyond.</li>
</ul>


The broad equity market has been on an absolute tear since we discussed in our 10/31/23 Compass how risk/reward favored buyers as key supports were being tested on SPX/QQQ/IWM
Furthermore, we discussed in our 11/7/23 Compass our belief that this was more than just another counter-trend rally, and that it is likely the start of a significant year-end rally.
Bullish developments have only continued; among them includes 3.5-month downtrend reversals on the S&amp;P 500 and QQQ. We expect more upside into year-end and beyond.


Year-End Rally to Continue?; Riding the Trend Higher; Buys in Education Services and Retailers

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We believe there is significant evidence that the broad equity market has bottomed, and a year-end rally has begun. This report elaborates on this main point</li>
<li>Last week (10/31/23) we discussed how the $SPX and $QQQ did not display decisive breakdowns, and that a break above 4165-4200 and $350-$355, respectively, would be bullish, that's what happened</li>
<li>Additionally, we discussed how risk/reward favored buyers with the $IWM testing 1.5-year support at $162-$163, a logical spot for small-caps to bounce, especially when we considering persistent bullish breadth divergences.</li>
</ul>


We believe there is significant evidence that the broad equity market has bottomed, and a year-end rally has begun. This report elaborates on this main point
Last week (10/31/23) we discussed how the $SPX and $QQQ did not display decisive breakdowns, and that a break above 4165-4200 and $350-$355, respectively, would be bullish, that's what happened
Additionally, we discussed how risk/reward favored buyers with the $IWM testing 1.5-year support at $162-$163, a logical spot for small-caps to bounce, especially when we considering persistent bullish breadth divergences.


Just Another Counter-Trend Rally, or Something More? DXY and Treasury Yields Breaking Key Supports

<ul>
<li>Equities not yet out of the woods, but as long as SPX is above 4165-4200, most signs point to this being a normal pullback within the ongoing bullish SPX trend.</li>
<li>Similarly, the Nasdaq 100 (QQQ) is testing support at $350-$355 (the 4-month bull flag/falling wedge pattern). The Russell 2000 is also approaching 1+ year support at 1640.</li>
<li>Breakdowns would be our cue to get defensive, as it would likely lead to precipitous declines. However, if supports hold, this is where risk/reward is skewed in favor of buyers.</li>
</ul>


Equities not yet out of the woods, but as long as SPX is above 4165-4200, most signs point to this being a normal pullback within the ongoing bullish SPX trend.
Similarly, the Nasdaq 100 (QQQ) is testing support at $350-$355 (the 4-month bull flag/falling wedge pattern). The Russell 2000 is also approaching 1+ year support at 1640.
Breakdowns would be our cue to get defensive, as it would likely lead to precipitous declines. However, if supports hold, this is where risk/reward is skewed in favor of buyers.


S&P 500, Nasdaq 100 Back at Support; Downgrading Discretionary to Market, Materials to Underweight

United States

Abercrombie & Fitch Co.  a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the Company sells: casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, and outerwear; personal care products; and accessories for men, women and kids.

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Abercrombie & Fitch Co Cl A (ANF US)

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Lockout Rally Continues; Breakouts Piling Up; SPX Breakout Above 2-Yr Resistance at 4600-4607

Lockout Rally Continues; Breakouts Piling Up; $SPX Breakout Above 2-Yr Resistance at 4600-4607, $COMP Breakout Above 14,400. This is what a strong...

Vermilion Research

Year-End Rally to Continue?; Riding the Trend Higher; Buys in Education Services and Retailers

10/31/23 we discussed how risk/reward favored buyers as key $SPX $QQQ $IWM supports were being tested. 11/7/23 we argued it was MORE than just...

Vermilion Research

Just Another Counter-Trend Rally, or Something More? DXY and Treasury Yields Breaking Key Supports

Just Another Counter-Trend Rally, or Something More?; $DXY and Treasury Yields $TNX $TYX Breaking Key Supports, several other reasons why we...

Vermilion Research

S&P 500, Nasdaq 100 Back at Support; Downgrading Discretionary to Market, Materials to Underweight

Unchanged outlook: equities not yet out of the woods, but as long as the $SPX is above 4165-4200, most signs point to this being a normal pullback....

Vermilion Research

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