Vermilion Compass: Weekly Equity Strategy
Favor Defensives as S&P 500 Tests 4165-4200The S&P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible... see chart below. Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX).
Index Overview. Downside targets for the S&P 500 continue to be at the December 2022 lows (3765) and/or the 2022 lows (3490). The Dow Jones Industrial Average (DJIA) is approaching longer-term resistance at 34,280 which we expect to cap upside. The Nasdaq 100 (QQQ) is holding above $314-$315 support for now; continue to watch this level as a break below $314 would be bearish. The next resistance level we are watching on QQQ is $335 (Aug. 2022 highs). The Russell 2000 (IWM) continues to hold above $170 support, but RS is breaking to 3-year lows; this is a clear
Casey's General Stores and its subsidiaries operate convenience stores under the names Casey's and Casey's General Store primarily in Iowa, Missouri, and Illinois. The company also operates stores under the name Tobacco City, selling primarily tobacco products, liquor stores, and a grocery store. Each Casey's Store carries food and nonfood items. Most of the company's food products are nationally advertised brands, and it also has an assortment of Casey's proprietary branded products. Stores sell regional brands of dairy and bakery products, and mostly provide beer. The company's nonfood items include tobacco products, health and beauty aids, school supplies, housewares, pet supplies, and automotive products.
Marcus is engaged primarily in two business segments: movie theatres and hotels and resorts. The movie theatres segment operates multiscreen motion picture theatres in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Arkansas, Colorado, Georgia, Kentucky, Louisiana, New York, Pennsylvania, Texas and Virginia, a family entertainment center in Wisconsin and a retail center in Missouri. The hotels and resorts segment owns and operates full service hotels and resorts in Wisconsin, Illinois, Oklahoma and Nebraska and manages full service hotels, resorts and other properties in Wisconsin, Illinois, Minnesota, Texas, Nevada, California and Nebraska.
Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.
Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.