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 and Quantitative Research

Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends

Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical Analysis

Sumitomo Mitsui Financial Group / Technical Analysis

Sumitomo Mitsui Financial Group (8316 JP)

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.</li>
<li>In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.</li>
<li>This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.
In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.
This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates


Mitsubishi UFJ Financial (MUFG) (8306 JP)

Hua Nan Financial Holdings Co Ltd. (2880 TT)

Mitsubishi UFJ Financial (MUFG) ADR (MUFG US)

Cholamandalam Investment and Finance (CIFC IN)

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary