Report
Dave Nicoski ...
  • Ross LaDuke
EUR 43.27 For Business Accounts Only

Vermilion Compass: Weekly Equity Strategy

Upside Ahead for Gold and Silver; DXY Below $100.25

We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and the S&P 500 (SPX) is above 6200. We have also discussed weekly since our 10/14/25 Compass how our near-term bullish outlook remains intact as long as the SPX holds above the 3-month uptrend, which coincides with the 50-day MA; this remains the case. SPX held last week at the 3+ month uptrend and 50-day MA. We continue to expect support at the 50-day MA (currently 6678), while additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, and 6200.

Downgrading Services to Market Weight. RS on the Vermilion equal-weighted Services Sector is violating long-term uptrend support, and we are downgrading the Sector.
Risk-On Market Dynamics. Market dynamics remain largely risk-on:
Underlyings
ALUSSA ENERGY ACQUISITION CORP

Canadian Solar Inc.

Ciena Corporation

Ciena is a networking systems, services and software company, providing solutions that enable a range of network operators to deploy and manage networks that deliver services to businesses and consumers. The company provides hardware, software and services that support the transport, switching, aggregation, service delivery and management of video, data and voice traffic on communications networks. The company's solutions are used by communications service providers, cable and multiservice operators, Web-scale providers, submarine network operators, governments, enterprises, research and education institutions and other network operators.

Corning Inc

Corning is a provider of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; optical materials for the semiconductor industry and the scientific community; and other technologies. The company reportable segments are: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences.

DHT Holdings Inc.

ENLIGHT RENEWABLE ENERGY LTD

Enlight Renewable Energy Ltd is an Israel-based investment company active in the renewable energy sector. It specializes in initiating, developing, constructing and operating clean electricity production projects from renewable energy sources, such as solar and wind. Among the Company's projects are Kibbutz Alonim Site; Moshav Yonatan Site; Moshav Ramat Magshimim Site; Emek Sara Site, Beer Sheva Industrial Area; Haplada Site, Arad Industrial Area; Hanapach Site, Carmiel; Hod Hashron Municipality; Kibbutz Cramim, Solar Farm; Odakim Municipality; Kiryat Yam Municipality; Kiryat Bialik Municipality and Israeli Ministry of Defense.

Euronav NV

Euronav is a provider of maritime shipping and offshore services engaged primarily in the transportation and storage of crude oil. As of Apr. 4, 2017, Co. owned and operated a modern fleet of 55 vessels (including four chartered-in vessels) with an aggregate carrying capacity of approximately 13.7 million deadweight tons, or dwt, consisting of 31 very large crude carriers, one ultra large crude carrier, 21 Suezmax vessels, and two floating, storage and offloading vessels. Co. has two operating segments: the operation of crude oil tankers on the international markets (tankers) and the floating production, storage and offloading operations.

First Solar Inc.

First Solar is a provider of photovoltaic (PV) solar energy solutions. The company designs, manufactures and sells PV solar modules with a thin film semiconductor technology, and also develops and sells PV solar power systems that mainly use the modules it manufactures. The company also provides operations and maintenance (O&M) services to system owners. The company's modules segment involves the design, manufacture and sale of cadmium telluride solar modules, which convert sunlight into electricity. The company's second segment is its systems segment, through which it provides power plant solutions, which include project development, engineering, procurement, and construction services and O&M services.

FRONTLINE PLC

International Seaways Inc.

JinkoSolar Holding Co. Ltd. Sponsored ADR

KNOT Offshore Partners

KNOT Offshore Partners is a limited partnership formed to own, operate and acquire shuttle tankers under long-term charters, which Co. defines as charters of five years or more. Co.'s initial fleet of shuttle tankers was contributed to Co. by Knutsen NYK Offshore Tankers AS, or KNOT, which is jointly owned by TS Shipping Invest AS (TSSI), and Nippon Yusen Kaisha (NYK). As of Dec. 31, 2016, Co.'s fleet consists of eleven shuttle tankers. The market for Co.'s services is the offshore oil transportation industry, and Co.'s customers consist primarily of major oil and gas companies, independent oil and gas producers and government-owned oil companies.

KON TUM CONSTRUCTION MATERIALS ORD

Lumentum Holdings Inc.

Lumentum Holdings is a provider of optical and photonic products addressing a range of end-market applications including Optical Communications (OpComms) and Commercial Lasers (Lasers) for manufacturing, inspection and life-science applications. The company's segments are: OpComms, which include a range of components, modules and subsystems to support customers including carrier networks of access, metro, long-haul and submarine applications; and Lasers, which provides lasers for the industrial and scientific markets used in a range of original equipment manufacturer applications including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers such as argon-ion and helium-neon lasers.

Navigator Holdings

Nordic American Tankers Limited

Optical Cable

Optical Cable is a manufacturer of a range of fiber optic and copper data communication cabling and connectivity solutions primarily for the enterprise market and various harsh environment and specialty markets, and also the wireless carrier market, providing integrated suites of products which operate as a system solution or integrate with other providers' offerings. The company's products include fiber optic and copper cabling, hybrid cabling, fiber optic and copper connectors, specialty fiber optic, copper and hybrid connectors, pre-terminated fiber optic and copper cable assemblies, racks, cabinets, fiber optic reels and accessories and other cable and connectivity management accessories.

Scorpio Tankers Inc.

SolarEdge Technologies Inc.

SolarEdge Technologies designs, develops, and sells an intelligent inverter solution designed for power generation at the individual photovoltaic module level. The company's products consist mainly of power optimizers designed to maximize energy throughput from each and every module via constant tracking of Maximum Power Point individually per module; inverters, which invert direct current from the PV module to alternating current; a related cloud-based monitoring platform; and a storage solution that is used to increase energy independence and maximize self-consumption for homeowners by utilizing a battery that is sold separately by third party manufacturers, to store and supply power as needed.

TEEKAY CORPORATION LTD.

TEEKAY TANKERS LTD.

Tsakos Energy Navigation Ltd.

Viavi Solutions Inc

Viavi Solutions is a provider of network test, monitoring and assurance solutions to communications service providers, enterprises, network equipment manufacturers, civil government, military and avionics customers. The company operates the following business segments: Network Enablement, which provides testing solutions that access the network to perform build-out and maintenance tasks; Service Enablement, which provides embedded systems and enterprise performance management solutions; and Optical Security and Performance Products, which designs, manufactures, and sells products targeting anti-counterfeiting, consumer and industrial, government, healthcare and other markets.

Provider
Vermilion Research
Vermilion Research

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.

Analysts
Dave Nicoski

Ross LaDuke

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