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>What will happen to earnings and earnings expectations in the wake of the hot January CPI report that spooked the market? </li>
<li>Fed Funds futures are now discounting a half-point lift-off at the March FOMC meeting. Will the Fed acquiesce or push back against those expectations? </li>
<li>If stock prices were to weaken further, how will insiders react?</li>
</ul>


What will happen to earnings and earnings expectations in the wake of the hot January CPI report that spooked the market? 
Fed Funds futures are now discounting a half-point lift-off at the March FOMC meeting. Will the Fed acquiesce or push back against those expectations? 
If stock prices were to weaken further, how will insiders react?


Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>Another Troubled Bank Deal In Asia Adds Another Managerial Distraction;   </li>
<li>DBS Agreed to Acquire Citigroup’s Taiwan Consumer Franchise for SGD 2.9 bn After Three Taiwan Banks Couldn’t Make This Deal Work; and </li>
<li>In Addition, DBS’ Fundamentals Continue to Weaken, With Lower Fees, Compressed Margins, and Modestly Weaker Credit. </li>
</ul>


Another Troubled Bank Deal In Asia Adds Another Managerial Distraction;   
DBS Agreed to Acquire Citigroup’s Taiwan Consumer Franchise for SGD 2.9 bn After Three Taiwan Banks Couldn’t Make This Deal Work; and 
In Addition, DBS’ Fundamentals Continue to Weaken, With Lower Fees, Compressed Margins, and Modestly Weaker Credit. 


DBS Group Holdings – And Baby Makes Three

<ul>
<li>We wrote a week ago that investment-oriented accounts should turn cautious on the stock market, but traders shouldn’t be ready to turn bearish just yet.</li>
<li>The sell signal has arrived and the tone of the stock market is turning decidedly bearish.</li>
<li>Technical internals are deteriorating and our base-case scenario calls for a 5–10% pullback. A downdraft of 20% represents an outlier case but would need a major catalyst.</li>
</ul>


We wrote a week ago that investment-oriented accounts should turn cautious on the stock market, but traders shouldn’t be ready to turn bearish just yet.
The sell signal has arrived and the tone of the stock market is turning decidedly bearish.
Technical internals are deteriorating and our base-case scenario calls for a 5–10% pullback. A downdraft of 20% represents an outlier case but would need a major catalyst.


<ul>
<li>Weaker Result Across Almost All Geographic Segments - Led By Negative Jaws;    </li>
<li>Credit Modestly Weaker, Although Reserve Coverage Remains Strong. Watch For Credit Turn; and </li>
<li>Progress On Asian Consumer Exits, But Sea Change In View On Mexico.   </li>
</ul>


Weaker Result Across Almost All Geographic Segments - Led By Negative Jaws;    
Credit Modestly Weaker, Although Reserve Coverage Remains Strong. Watch For Credit Turn; and 
Progress On Asian Consumer Exits, But Sea Change In View On Mexico.   


Citigroup – Many Moving Parts and Confused Mexican Exit

<ul>
<li>Inflation is running hot. As a consequence, the Fed made its hawkish pivot and signaled that it is on pace to end its QE program by March 2022.</li>
<li>FANG+ stocks are the new defensive positioning under such a scenario. In a growth-starved world, investors will bid up the prices of cash generative growth companies.</li>
<li>The expected large-cap growth leadership should begin to fade when inflation pressures start to abate in the latter part of 2022.</li>
</ul>


Inflation is running hot. As a consequence, the Fed made its hawkish pivot and signaled that it is on pace to end its QE program by March 2022.
FANG+ stocks are the new defensive positioning under such a scenario. In a growth-starved world, investors will bid up the prices of cash generative growth companies.
The expected large-cap growth leadership should begin to fade when inflation pressures start to abate in the latter part of 2022.


United States

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

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SPDR S&P 500 (SPY US)

Three Questions to Ask As Fear Spikes

The S&P 500 is undergoing another test of its 200-dma support and some open questions remain. So far, the preliminary answers appear to be...

Cam Hui

DBS Group Holdings – And Baby Makes Three

DBS: Another troubled bank deal adds another managerial distraction, as DBS has agreed to acquire Citigroup’s Taiwan consumer franchise. Further,...

Thomas J. Monaco

Time to Turn Defensive

The sell signal has arrived and the tone of the stock market is turning decidedly bearish. Our base-case scenario calls for a 5–10% pullback in the...

Cam Hui

Citigroup – Many Moving Parts and Confused Mexican Exit

CITI: Weaker results across almost all geographic segments. Credit is modesty weaker but coverage is strong. Progress on Asian consumer exits, but...

Thomas J. Monaco

Don't Fight The (Hawkish) Fed

FANG+ stocks are the new defensive positioning under such a hawkish Fed scenario. But the expected large-cap growth leadership should begin to fade...

Cam Hui

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