Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.</li>
<li>We exam major bull markets over the past 50 years to assess how the current move stacks up.</li>
<li>Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.</li>
</ul>


Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.
We exam major bull markets over the past 50 years to assess how the current move stacks up.
Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.


Gold: Reviewing Five Decades of Bull Markets Against an Overextended Backdrop

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>We’ve been warning forweeks that the U.S. equity market advance was extended and it could pull back at any time.</li>
<li>President Trump’s threat to impose high tariffs on China seems to be the bearish trigger.</li>
<li>Our base case calls for a 5-10% pullback, and we regard any correction as a welcome pause and opportunity to add to equity positions at lower prices.</li>
</ul>


We’ve been warning forweeks that the U.S. equity market advance was extended and it could pull back at any time.
President Trump’s threat to impose high tariffs on China seems to be the bearish trigger.
Our base case calls for a 5-10% pullback, and we regard any correction as a welcome pause and opportunity to add to equity positions at lower prices.


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Abundia Global Impact Group / Equity Bottom-Up

<ul><li>Last week, the WTR Sustainable Index was down 1.2% W/W versus the S&amp;P 500 Index (down 0.3%), the Russell 2000 Index (down 0.6%), and the Nasdaq Index (down 0.5%).</li><li>Energy Technology (44% of the index) was down 3.4%, while Transportation Solutions (32% of the index) was down 1.2%, Climate Tech and Clean Tech (17% of the index) was down 0.2%, and Climate Tech Mining and Processing (7% of the index) was up 11.1%.</li><li>Top 10 Performers: GEBRF, WMLLF, ESGLF, FLUX, ALLIF, LEV, IONR, WWR, LNZA, ABAT</li></ul>

Last week, the WTR Sustainable Index was down 1.2% W/W versus the S&amp;P 500 Index (down 0.3%), the Russell 2000 Index (down 0.6%), and the Nasdaq Index (down 0.5%).Energy Technology (44% of the index) was down 3.4%, while Transportation Solutions (32% of the index) was down 1.2%, Climate Tech and Clean Tech (17% of the index) was down 0.2%, and Climate Tech Mining and Processing (7% of the index) was up 11.1%.Top 10 Performers: GEBRF, WMLLF, ESGLF, FLUX, ALLIF, LEV, IONR, WWR, LNZA, ABAT

Sustainable Investing Surveyor Focus on Houston American Energy: September 29, 2025

<ul><li>Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).</li><li>Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.</li><li>Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST</li></ul>

Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

Sustainable Investing Surveyor Focus on Fuel Tech

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>The is an institutionally focused global digital asset platform that provides market infrastructure and information services.</li>
<li>Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.</li>
<li>The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.</li>
</ul>


The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.


Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

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)

Gold: Reviewing Five Decades of Bull Markets Against an Overextended Backdrop

Gold’s powerful run invites comparison to previous bull markets. We examine fifty years of history to determine whether this strength is...

John Ley

The Return of Tariff Man

The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

Cam Hui

Sustainable Investing Surveyor Focus on Houston American Energy: September 29, 2025

Last week, the WTR Sustainable Index was down 1.2% W/W versus the S&P 500 Index (down 0.3%), the Russell 2000 Index (down 0.6%), and the Nasdaq...

Water Tower Research

Sustainable Investing Surveyor Focus on Fuel Tech

Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up...

Water Tower Research

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gold: Reviewing Five Decades of Bull Markets Against an Overextended Backdrop

Gold’s powerful run invites comparison to previous bull markets. We examine fifty years of history to determine whether this strength is...

John Ley

The Return of Tariff Man

​The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

Cam Hui

Sustainable Investing Surveyor Focus on Houston American Energy: September 29, 2025

Last week, the WTR Sustainable Index was down 1.2% W/W versus the S&P 500 Index (down 0.3%), the Russell 2000 Index (down 0.6%), and the Nasdaq...

Water Tower Research

Sustainable Investing Surveyor Focus on Fuel Tech

Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up...

Water Tower Research

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

​The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

The U.S. equity market is expected to pull back due to President Trump's tariff threats on China. Our base case calls for a 5-10% pullback, which...

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...