Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

Sprott Junior Gold Miners ETF / Equity Bottom-Up

<ul>
<li>The Sprott Junior Gold Miners ETF's investment strategy provides underwhelming value additivity.</li>
<li>The ETF is experiencing cross-sectional momentum and hosts an alluring dividend.</li>
<li>However, such features might not be enough to entice further gains. We do not think the ETF is a sell.</li>
</ul>


The Sprott Junior Gold Miners ETF's investment strategy provides underwhelming value additivity.
The ETF is experiencing cross-sectional momentum and hosts an alluring dividend.
However, such features might not be enough to entice further gains. We do not think the ETF is a sell.


SGDJ: Underweight On Junior Gold Mining Stocks

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 currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.</li>
<li>We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).</li>
<li>With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target</li>
</ul>


We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.
We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).
With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target


Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

<ul>
<li>Market dynamics remain largely bearish/unchanged, and we are sticking with our call that breaks of supports on SPX, IWM,QQQ are likely to result in a test of the 2022 lows.</li>
<li>The Nasdaq 100 (QQQ) is already testing its 2022 lows, but the S&amp;P 500 and Russell 2000 (IWM) are still 6-9% above their 2022 lows.</li>
<li>Depending on how the market responds to its 2022 lows, that could be a better area to increase risk.</li>
</ul>


Market dynamics remain largely bearish/unchanged, and we are sticking with our call that breaks of supports on SPX, IWM,QQQ are likely to result in a test of the 2022 lows.
The Nasdaq 100 (QQQ) is already testing its 2022 lows, but the S&amp;P 500 and Russell 2000 (IWM) are still 6-9% above their 2022 lows.
Depending on how the market responds to its 2022 lows, that could be a better area to increase risk.


More Downside to Lead to Buying Opportunity?; Buy Ideas in Consumer Staples, EU Banks, Gold Miners

Consumer Staples Select Sector SPDR Fund / Technical Analysis

<ul>
<li>Since late November we have been discussing our expectations for a pullback, while recommending shifting exposure to defensives (Staples, Utilities, Health Care) and/or taking profits.</li>
<li>The pullback is finally happening following breaks below 3910 support on the S&amp;P 500, $177.50 support on the Russell 2000 (IWM), and $279 support on the Nasdaq 100 (QQQ). </li>
<li>These levels are now resistance, while major resistance remains at 200-dayMAs/YTD downtrends. Stick with defensives/cash as we believe a test of the YTD lows on the aforementioned indexes is likely.</li>
</ul>


Since late November we have been discussing our expectations for a pullback, while recommending shifting exposure to defensives (Staples, Utilities, Health Care) and/or taking profits.
The pullback is finally happening following breaks below 3910 support on the S&amp;P 500, $177.50 support on the Russell 2000 (IWM), and $279 support on the Nasdaq 100 (QQQ). 
These levels are now resistance, while major resistance remains at 200-dayMAs/YTD downtrends. Stick with defensives/cash as we believe a test of the YTD lows on the aforementioned indexes is likely.


Upgrading Staples and Health Care to Overweight; Stay Defensive, Expecting Test of YTD Lows on SPX

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Bumi Resources Minerals Tbk / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold Corp (KGC US)</a>, <a href="https://www.smartkarma.com/entities/fresnillo-plc" target="_blank" data-smartkarma-citation="entities:21939:1" rel="noopener">Fresnillo PLC (FRES LN)</a>, <a href="https://www.smartkarma.com/entities/kingsgate-consolidated-ltd" target="_blank" data-smartkarma-citation="entities:12544:1" rel="noopener">Kingsgate Consolidated (KCN AU)</a>, Dakota Gold are adds; <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</a> and PGM Gold Mining are deletes.</li>
<li>One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a> was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.</li>
</ul>



Kinross Gold Corp (KGC US), Fresnillo PLC (FRES LN), Kingsgate Consolidated (KCN AU), Dakota Gold are adds; Merdeka Copper Gold Tbk PT (MDKA IJ) and PGM Gold Mining are deletes.
One way turnover is US$390m and there is a big impact on a lot of stocks due to addition, deletion and float changes. Implementation at the close on 17 June.

Bumi Resources Minerals Tbk (BRMS IJ) was added to the GDXJ in March and rallied over 30% in 4 days since announcement. Buying this time will be even larger.


MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

Canada

NOVAGOLD RESOURCES INC. is a mineral exploration company. The Company, through its subsidiaries, explores and develops mineral properties in North America. NovaGold primarily focuses on gold properties, which may include copper, silver and zinc resources.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Novagold Resources (NG CN)

SGDJ: Underweight On Junior Gold Mining Stocks

The Sprott Junior Gold Miners ETF's investment strategy provides underwhelming value additivity. The ETF is experiencing cross-sectional momentum...

Pearl Gray Equity and Research

Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

With yesterday's break above 3910 in $SPX we see a tradable rally, but 4100-4165 is likely to cap upside; reduce risk into that area. Buy ideas...

Vermilion Research

More Downside to Lead to Buying Opportunity?; Buy Ideas in Consumer Staples, EU Banks, Gold Miners

With market dynamics still bearish, we are sticking with our call that breaks of supports (3910 on SPX, $177.50 on IWM, and $279 on QQQ) are likely...

Vermilion Research

Upgrading Staples and Health Care to Overweight; Stay Defensive, Expecting Test of YTD Lows on SPX

Since late November we have discussed our expectations for a pullback, recommending shifting exposure to defensives $XLP $XLV $XLU and/or taking...

Vermilion Research

MVIS Global Junior Gold Miners Index Rebalance: Big Flows & Impact

There are 4 adds and 2 deletes for the GDXJ Index resulting in one-way turnover of 10% and a one-way trade of US$390m. BRMS IJ has a big float...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)