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>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

<ul>
<li>Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report</li>
<li>Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.</li>
<li>The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.</li>
</ul>


Considering constructive market dynamics and the recent $SPX breakout above 5783 following several months of consolidation, we upgraded our outlook to bullish as of our 10/15/24 U.S. Macro Vision report
Since late-July, we have been neutral on the SPX, preferring to buy near 5100-5200 support and sell near 5670-5783 resistance until there is a break in either direction.
The verdict of the market is the only one that matters, and the breakout above 5783 is the market's way of saying the path of least resistance is higher.


Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul>
<li>Happy Monday from Copenhagen.</li>
<li>Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the past couple of months, accurately capturing both the downtrend in July and the subsequent strength observed throughout September and October relative to expectations.</li>
<li>The US economy is performing much better than feared at the moment, resulting in stronger equities, higher rates, and a stronger USD.</li>
</ul>


Happy Monday from Copenhagen.
Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the past couple of months, accurately capturing both the downtrend in July and the subsequent strength observed throughout September and October relative to expectations.
The US economy is performing much better than feared at the moment, resulting in stronger equities, higher rates, and a stronger USD.


The week at a Glance –   The cleanest shirt in the dirty laundry

<ul><li>Morning from Copenhagen, I spent my Sunday evening in the company of Interpol (the band, not the police, doh!), allowing myself a day off for once after the big announcements we made last week.</li><li>As a result, Steno Signals was released this Monday morning instead.</li><li>The recent repricing of EUR rates versus peers is extremely interesting, as the ECB is suddenly considered the only G3 central bank with a feasible path to 50bp cuts.</li></ul>

Morning from Copenhagen, I spent my Sunday evening in the company of Interpol (the band, not the police, doh!), allowing myself a day off for once after the big announcements we made last week.As a result, Steno Signals was released this Monday morning instead.The recent repricing of EUR rates versus peers is extremely interesting, as the ECB is suddenly considered the only G3 central bank with a feasible path to 50bp cuts.

Steno Signals #122 – Markets have abandoned the cutting narrative (outside of EZ)

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Trump has pulled ahead in the swing states according to all 3 main poll trackers (RCP, fivethirtyeight and FT), with all now suggesting a Trump win in the electoral college. </li>
<li>WI, MI, NE and PA remain tight races, but the other 3 are in Trump's bag. With Trump ahead in PA and WI, Harris' only route out is reversing these. </li>
<li>History suggests that high inflation over a presidential term is fatal to incumbents (1952, 1976, 1980, 1992). With prices now 25% higher than in Jan'21, swing voters blame incumbent Harris. </li>
</ul>


Trump has pulled ahead in the swing states according to all 3 main poll trackers (RCP, fivethirtyeight and FT), with all now suggesting a Trump win in the electoral college. 
WI, MI, NE and PA remain tight races, but the other 3 are in Trump's bag. With Trump ahead in PA and WI, Harris' only route out is reversing these. 
History suggests that high inflation over a presidential term is fatal to incumbents (1952, 1976, 1980, 1992). With prices now 25% higher than in Jan'21, swing voters blame incumbent Harris. 


US: Presidential Race Remains a Dead Heat but Perceived Inflation Likely a Tiebreaker

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Bullish Outlook Focused on Large- and Mid-Caps $SPX $NDX $QQQ $IJH $MDY $IWR as of the Oct 11 close above 5783; Russell 2000 $IWM Still Below...

Vermilion Research

The week at a Glance – The cleanest shirt in the dirty laundry

Happy Monday from Copenhagen. Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the...

Steno Research

Steno Signals #122 – Markets have abandoned the cutting narrative (outside of EZ)

Morning from Copenhagen,I spent my Sunday evening in the company of Interpol (the band, not the police, doh!), allowing myself a day off for once...

Steno Research

US: Presidential Race Remains a Dead Heat but Perceived Inflation Likely a Tiebreaker

History shows that high inflation over a presidential term is fatal to incumbents (1952, 1976, 1980, 1992). Prices 25% above Jan'21 will harm...

Prasenjit K. Basu

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

Bullish Outlook Focused on Large- And Mid-Caps; Russell 2000 Below Resistance; Concerns Dwindling

Bullish Outlook Focused on Large- and Mid-Caps $SPX $NDX $QQQ $IJH $MDY $IWR as of the Oct 11 close above 5783; Russell 2000 $IWM Still Below...

Vermilion Research

The week at a Glance – The cleanest shirt in the dirty laundry

Happy Monday from Copenhagen. Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the...

Steno Research

Steno Signals #122 – Markets have abandoned the cutting narrative (outside of EZ)

Morning from Copenhagen,I spent my Sunday evening in the company of Interpol (the band, not the police, doh!), allowing myself a day off for once...

Steno Research

US: Presidential Race Remains a Dead Heat but Perceived Inflation Likely a Tiebreaker

​History shows that high inflation over a presidential term is fatal to incumbents (1952, 1976, 1980, 1992). Prices 25% above Jan'21 will harm...

Prasenjit K. Basu

History shows that high inflation over a presidential term is fatal to incumbents (1952, 1976, 1980, 1992). Prices 25% above Jan'21 will harm...