iShares U.S. Medical Devices E

  • TickerIHI
  • ISINUS4642888105
  • ExchangeNYSE Arca
  • SectorNonequity Investment Instruments
  • CountryUnited States
Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Small-Caps, EM RS, Commodities Bullishly Inflecting We continue to have a bullish outlook and we believe the path of least resistance remains higher. Not only is there an absence of breakdowns for the major indexes and for individual Sectors, but several are now breaking out above resistance. Additionally, EM RS is bullishly inflecting, commodities are bottoming, and high yield spreads are narrowing. · Select Indexes & Sectors Breaking Out. The S&P 500 is testing 3238 resistance, while support levels to watch include 3140, 3085, and 3000. On the other hand, the Russell 2000 (IWM) is ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Upgrading Industrials, Downgrading Defensives The current market scenario is not what we would consider “perfect” for a bull market, but it certainly has most of the necessary ingredients. Therefore, we continue to believe we are in the early stages of a broad-based advance. • Upgrading Industrials, Downgrading Defensives. Cyclical Sectors continue to show price and RS improvement while Defensive Sectors deteriorate, a favorable backdrop for a bull market. We are upgrading Industrials (XLI, RGI) to overweight due to bullish price and RS inflections, and we are downgrading Staples (XLP), Util...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Cyclicals at a critical juncture Our general outlook remains positive and unchanged on U.S. and foreign equities, however there are a number of concerns that still exist -- particularly as it relates to some key cyclical areas of the market. If the concerns highlighted below are eventually alleviated, we believe a more bullish outlook would be warranted. • Concern #1: Several cyclical areas of the market remain below resistance, including Financials (both in the U.S. and Europe - XLF, EUFN), Consumer Discretionary/retail (RCD, XRT), Transportation (XTN, IYT), and small-caps (IWM). Breakouts ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Positive outlook intact Overall we remain positive on U.S. and foreign equities. Below we highlight several observations which lead us to this conclusion: • Broadening yield curve inversions = recession? The more pronounced yield curve inversion (3M/10Y and 1Y/10Y) is unsettling and is a concern of ours. At the same time we believe it does not automatically equate to a recession in the near-term, and lower yields may actually serve to stimulate the economy. Additionally, high yield spreads are not suggestive of worsening economic conditions... see chart below and page 2. • Small vs. large-...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Upgrading Industrials, Downgrading Defensives The current market scenario is not what we would consider “perfect” for a bull market, but it certainly has most of the necessary ingredients. Therefore, we continue to believe we are in the early stages of a broad-based advance. • Upgrading Industrials, Downgrading Defensives. Cyclical Sectors continue to show price and RS improvement while Defensive Sectors deteriorate, a favorable backdrop for a bull market. We are upgrading Industrials (XLI, RGI) to overweight due to bullish price and RS inflections, and we are downgrading Staples (XLP), Util...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Cyclicals at a critical juncture Our general outlook remains positive and unchanged on U.S. and foreign equities, however there are a number of concerns that still exist -- particularly as it relates to some key cyclical areas of the market. If the concerns highlighted below are eventually alleviated, we believe a more bullish outlook would be warranted. • Concern #1: Several cyclical areas of the market remain below resistance, including Financials (both in the U.S. and Europe - XLF, EUFN), Consumer Discretionary/retail (RCD, XRT), Transportation (XTN, IYT), and small-caps (IWM). Breakouts ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Positive outlook intact Overall we remain positive on U.S. and foreign equities. Below we highlight several observations which lead us to this conclusion: • Broadening yield curve inversions = recession? The more pronounced yield curve inversion (3M/10Y and 1Y/10Y) is unsettling and is a concern of ours. At the same time we believe it does not automatically equate to a recession in the near-term, and lower yields may actually serve to stimulate the economy. Additionally, high yield spreads are not suggestive of worsening economic conditions... see chart below and page 2. • Small vs. large-...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

The S&P 500 managed to close above the key 2,817 resistance level last week as the recovery from 4Q2018 continues. We would like to see a more decisive upside move and for the index stay above this level for a few more days before calling it an official breakout. Overall we remain positive and continue to believe a “buy the dip” strategy is warranted. Below we highlight several observations which lead us to our positive outlook: • An offensive Sector shift: We are upgrading Materials (RTM, XLB) to market weight as RS continues to stabilize. Additionally, we are downgrading Health Care (RYH) t...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

A defensive shift as volatility returns A multitude of concerns including rising interest rates, China-U.S. trade tensions, fears of margin contraction, and a tight labor market has led to a breakdown in the S&P 500's uptrend. Our outlook is extremely cautious. And, to the extent that none of the aforementioned concerns have been resolved, we are likely to see a prolonged period (likely several weeks) of consolidation, volatility, and lower prices as the market attempts to find a bottom. In addition, we believe a retest of the early-2018 lows - and potentially lower – cannot be dismissed. • ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion ETF Pathfinder: Actionable ETF research & Ideas

Small-Caps, EM RS, Commodities Bullishly Inflecting We continue to have a bullish outlook and we believe the path of least resistance remains higher. Not only is there an absence of breakdowns for the major indexes and for individual Sectors, but several are now breaking out above resistance. Additionally, EM RS is bullishly inflecting, commodities are bottoming, and high yield spreads are narrowing. · Select Indexes & Sectors Breaking Out. The S&P 500 is testing 3238 resistance, while support levels to watch include 3140, 3085, and 3000. On the other hand, the Russell 2000 (IWM) is ...

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