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

Vermilion Macro Vision - U.S. Equity Strategy: Sector Commentaries with Recommendations

U.S. Equity Strategy: Tactical Shift in Favoring Value over Growth; Buy Energy; Retailers Bottoming

U.S. Manufacturing Sector Breaking Out to All-Time Relative Strength Highs; Actionable Stocks

U.S. Equity Strategy: Reiterating Biotechs, Gold Miners; Downgrading Financials to Market Weight

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical Analysis

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:<ul><li>Semis... see page 14-20</li><li>Insurers... see page 8-13</li></ul>

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:Semis... see page 14-20Insurers... see page 8-13

Taiwan Semiconductor (TSMC) - ADR (TSM US)

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

S&P 500 INDEX

U.S. Equity Uptrend Resumes; Outlook Remains Bullish