reports
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Utilities to Overweight Our long-term outlook remains neutral on the S&P 500 as of our 8/6/24 Compass, after being bullish since early-November 2023. We believe we are not yet out of the woods as we still see the S&P 500 and Nasdaq 100 (QQQ) as going through a 1- to 4-month pullback/consolidation period, and market dynamics remain a concern. Current price action on the S&P 500 is extremely similar to prior major topping patterns that occurred in April 2000 and August 2007, with 2007 b...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Blue Sky Territory for S&P 500, Nasdaq 100, DJI Since late-February, we have discussed important gap support from 2/22/24 at 4983-5050 on the S&P 500, and that as long as the S&P 500 is above 4983 the bulls remain in control. This area was right where this pullback halted, which is when we discussed our belief that downside was limited, followed by discussing that it was "quite possible" that the lows were in for this pullback (4/29/24 ETF Pathfinder titled "Pullback Complete?"). With the S&P 5...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Defensive Sectors Improving; Small-Caps Weakening We are beginning to get some signals which suggest the market is entering a more mixed environment. These signals include RS improvement for defensive Sectors, RS deterioration for small-caps, and the US dollar breaking above 92. Despite this mild deterioration in market dynamics, the weight of the evidence remains positive and our outlook remains constructive for the weeks and months ahead. · S&P 500, Russell 2000. The S&P 500 remains ...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Remain Overweight Value, Small-Caps; Downgrading Health Care To Underweight Thus far, the market's recent consolidation phase has proven to be a buying opportunity as noted in our 3/1/21 ETF Pathfinder, supported by the reality that market dynamics remained largely positive throughout the pullback. Leadership areas including value (VTV, VBR) and small-caps (IJR) are already breaking to new price highs -- remain overweight and add exposure on pullbacks. · S&P 500. Our 3750-3694 support ...
KIE KIER GROUP PLC
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
IJR ISHARES S&P SMALL-CAP ETF
VTV VANGUARD VALUE ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
XLB. ISHARES CORE CANADIAN LONG TER
COPX GLOBAL X COPPER MINERS ETF
XLYS SOURCE CONS DISC S&P US SECTOR UCITS ETF
YOLO ADVISORSHARES PURE CANNABIS ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Market Dynamics Improving; Downgrading Utilities Market dynamics and price action across the major indexes and all Sectors has been positive since early November -- and they have only improved recently. As a result, we remain bullish and recommend adding exposure on pullbacks. Below we highlight recent improvements. · Market Dynamics Improving: Commodities, 10-Year Treasury Yield. Broad commodities (DJP) are breaking above the 12.5-year downtrend, likely starting a new secular bull mar...
IBUY AMPLIFY ONLN ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLU SELECT SECTOR SPDR-UTILITIES
SOXX ISHARES PHLX SEMICONDUCTOR ETF
XSW SPDR S&P SOFTWARE AND SERVICES FUND
RCD INVESCO S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
XSD SPDR S&P SEMICONDUCTOR ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Bullish Outlook Warranted; Offensive Sector Shift In our 5/18/20 ETF Pathfinder we saw the S&P 500 as consolidating and, until there was a resolution below support or above resistance, our outlook was neutral. By the end of that week, the S&P 500 had sustained a break above 2,935-2,955 resistance which set the stage for a new leg higher. Despite being short-term extended, the combination of rotations into cyclical Sectors, bottoming interest rates, narrowing high yield spreads, small- and mid-c...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Still Searching For A Bottom In our last ETF Pathfinder (3/9/20) we noted key support levels on the Nasdaq Composite (8,264), S&P 500 (2,830-2,855), and Dow Jones (24,681) which represented our new lines in the sand. We said we would be constructive as long as these levels held, but that we would reduce exposure on breakdowns as that would likely usher-in additional downside. Breakdowns and additional downside is what we got, and these indexes are now 17-22% lower. That leaves equities still se...
XLE SELECT SECTOR SPDR-ENERGY
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
RHS INVESCO S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
XLYS SOURCE CONS DISC S&P US SECTOR UCITS ETF
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Still Bullish, But With Reservations And just like that, the S&P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy has paid off. Primarily responsible for new highs in these indexes is Technology (esp. software and semis/semi suppliers) and FAANG stocks. While these areas all remain bullish, we still have some reservations due to the massive disparity in performance between them and the Materials (XLB, XME) and Energy (RYE) Sectors...
STT STATE STREET CORPORATION
PHM PULTEGROUP INC.
WDAY WORKDAY INC. CLASS A
TOL TOLL BROTHERS INC.
PENN PENN NATIONAL GAMING INC.
NVR NVR INC.
MCRI MONARCH CASINO & RESORT INC.
LEN LENNAR CORPORATION CLASS A
CHDN CHURCHILL DOWNS INCORPORATED
BYD BOYD GAMING CORPORATION
AMT AMERICAN TOWER CORPORATION
AMP AMERIPRISE FINANCIAL INC.
RRR RED ROCK RESORTS INC. CLASS A
ZEN ZENDESK INC.
DHI D.R. HORTON INC.
XLB MATERIALS SELECT SECTOR SPDR FUND
CCI CROWN CASTLE INTERNATIONAL CORP
ERI CAESARS ENTERTAINMENT INC
HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF
TROW T. ROWE PRICE GROUP
TWLO TWILIO INC. CLASS A
IWM ISHARES RUSSELL 2000 INDEX FUND
SBAC SBA COMMUNICATIONS CORP. CLASS A
OKTA OKTA INC. CLASS A
MDB MONGODB INC. CLASS A
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XME SPDR S&P METALS & MINING ETF
SMAR SMARTSHEET
XRT SPDR S&P RETAIL ETF
KBE SPDR KBW BANK ETF
JNK SPDR BARCLAYS HIGH YIELD BOND ETF
PLAN ANAPLAN
EUFN ISHARES MSCI EUROPE FINANCIALS
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
SPNS SAPIENS INTERNATIONAL CORP. N.V.
BX BLACKSTONE GROUP INC.
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Constructive Pullback Coronavirus concerns are hitting stocks due to prospects of lower economic growth. A question we ask ourselves is whether the worst of the declines are behind us and that the pullback is likely to be a buying opportunity, or is this the beginning of a much larger correction? We lean towards the former, and believe this to be a healthy and constructive pullback of the 5-7% variety in the S&P 500 (peak-to-trough is currently -3.7%). We explain our thought process below. •...
HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF
EWW ISHARES MSCI MEXICO CAPPED ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
IYT ISHARES TRANSPORTATION AVERAGE
EWL ISHARES MSCI SWITZERLAND CAPPE
EIRL ISHARES MSCI IRELAND CAPPED ET
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
IAI ISHARES U.S. BROKER-DEALERSETF
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
DBO INVESCO DB OIL FUND
ITB ISHARES U.S. HOME CONSTRUCTION
KBE SPDR KBW BANK ETF
CPER UNITED STATES COPPER INDEX FUND
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
JNK SPDR BARCLAYS HIGH YIELD BOND ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
EUFN ISHARES MSCI EUROPE FINANCIALS
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
RSXJ MARKET VECTORS RUSSIA SMALL-CAP ETF
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
ACWI ISHARES MSCI ACWI ETF
EWZS. ISHARES MSCI BZL
IWR ISHARES RUSSELL MID-CAP ETF
A1W8E4 ISHARES MSCI DENMARK CAPPED INVESTABLE MKT INDX FD
A118W4 ISHARES MSCI EUROPE MINIMUM VOLATILITY ETF
RSX.. VANECK VECTORS RUSSIA ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Add Exposure to Small-Caps; Upgrading Health Care Bullish price and RS inflections for small-caps (IWM) is the latest positive development underpinning our belief that we are in the early stages of a broad-based market advance. • Small-Caps. The Russell 2000 (IWM) is decisively breaking topside $160 resistance and is making the long-awaited bullish RS reversal -- add exposure. Bullish price and RS inflections for small-caps helped ignite the broad market rally that began in early 2016, and w...
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
EIRL ISHARES MSCI IRELAND CAPPED ET
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
SLX. MARKET VECTORS STEEL INDEX FUND
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
XME SPDR S&P METALS & MINING ETF
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
IEO ISHARES U.S. OIL & GAS EXPLORA
XPH SPDR S&P PHARMACEUTICALS ETF
RHS INVESCO S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
RCD INVESCO S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
TAN INVESCO SOLAR ETF
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
DXGE WISDOMTREE GERMANY HEDGED EQUITY FUND
PSCH INVESCO S&P SMALLCAP HEALTH CARE ETF
EWUS ISHARES MSCI UNITED KINGDOM SMALL CAP INDEX FUND
KWEB KRANESHARES CSI CHINA INTERNET FUND
- 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 (X...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
EWN ISHARES MSCI NETHERLANDS ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
IHI ISHARES U.S. MEDICAL DEVICES E
XTN SPDR S&P TRANSPORTATION ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
KRE. SPDR KBW REGIONAL BANKING ETF
EWJ ISHARES MSCI JAPAN ETF
KBE SPDR KBW BANK ETF
PGAL GLOBAL X FTSE PORTUGAL 20 ETF
RHS INVESCO S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
RCD INVESCO S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
EWT ISHARES MSCI TAIWAN ETF
COPX GLOBAL X COPPER MINERS ETF
EUSC WDMTR ERP HDG EQ
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Bullish Developments Continue; Downgrading Communications Bullish developments continue to flood the market, leading us to believe we may be in the early stages of a broad-based advance. • Bullish Arguments Flooding the Market. Major global and US indexes (SPY, RSP, QQQ, EEM, EFA, EUFN, ACWI, Europe, Japan, etc.) are making bullish inflections. Serial laggards such as retail (XRT) and biotech (IBB, XBI) appear to be bottoming. Cyclical Sectors are breaking topside resistance (e.g., XLK, XLF,...
EEM ISHARES MSCI EMERGING MARKETS ETF
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
EWO ISHARES MSCI AUSTRIA CAPPED ET
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
EWN ISHARES MSCI NETHERLANDS ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
XTN SPDR S&P TRANSPORTATION ETF
XME SPDR S&P METALS & MINING ETF
XBI SPDR S&P BIOTECH ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
KBE SPDR KBW BANK ETF
PGAL GLOBAL X FTSE PORTUGAL 20 ETF
XPH SPDR S&P PHARMACEUTICALS ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
XSD SPDR S&P SEMICONDUCTOR ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
DXGE WISDOMTREE GERMANY HEDGED EQUITY FUND
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Add Exposure to Emerging Markets, Retail Several recent positive developments are encouraging and incrementally improve our outlook, however there are several other items on our bull market wish list that have yet to be checked off. Our outlook remains neutral. • EM, Retail Bottoming. Bullish price and RS reversals in EM (EEM) is a very positive signal for the broad market as it indicates improving risk appetites. After all, it is one of the riskiest asset classes. Bottoming price and RS in ...
EEM ISHARES MSCI EMERGING MARKETS ETF
EWG ISHARES MSCI GERMANY ETF
EWN ISHARES MSCI NETHERLANDS ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EFA ISHARES TRUST MSCI EAFE INDEX FUND
EWJ ISHARES MSCI JAPAN ETF
XRT SPDR S&P RETAIL ETF
RTH MARKET VECTORS RETAIL ETF
PJP INVESCO DYNAMIC PHARMACEUTICALS ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
EUFN ISHARES MSCI EUROPE FINANCIALS
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
EWT ISHARES MSCI TAIWAN ETF
EWGS ISHARES MSCI GERMANY SMALL-CAP
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Hanging in the balance Last week's worse-than-expected economic data further spooked investors and reignited global growth concerns. Despite the many potential risks that we can point to for this market and the economy, thus far we are not seeing any technical breakdowns, and until we do, our neutral outlook remains appropriate. • Cyclicals not breaking down. Key cyclical/risk-on areas of the market such as small-caps (IWM), banks (KBE), and transports (IYT) are not breaking down. As long as...
HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF
EEM ISHARES MSCI EMERGING MARKETS ETF
EWW ISHARES MSCI MEXICO CAPPED ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
IYT ISHARES TRANSPORTATION AVERAGE
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
SOXX ISHARES PHLX SEMICONDUCTOR ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
CRAK VANECK VECTORS OIL REFINERS ETF
EWJ ISHARES MSCI JAPAN ETF
KBE SPDR KBW BANK ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
JNK SPDR BARCLAYS HIGH YIELD BOND ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
EWZS. ISHARES MSCI BZL
EWT ISHARES MSCI TAIWAN ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Energy to Market Weight Better economic data and optimism surrounding US-China trade (notwithstanding last Friday) has put a floor under Treasury yields and has led investors to take profits from large-caps, growth, and defensive areas of the market and migrate to small-caps, value, and cyclical segments of the market. While this shift has been a welcomed sight for the prospects of a broad-based move higher, several key risk-on areas of the market have thus far failed to break above r...
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
EWW ISHARES MSCI MEXICO CAPPED ETF
EWN ISHARES MSCI NETHERLANDS ETF
XLV SELECT SECTOR SPDR-HEALTH CARE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLE SELECT SECTOR SPDR-ENERGY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
IEO ISHARES U.S. OIL & GAS EXPLORA
EWJ ISHARES MSCI JAPAN ETF
PJP INVESCO DYNAMIC PHARMACEUTICALS ETF
VWO VANGUARD FTSE EMERGING MARKETS
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SIL GLOBAL X SILVER MINERS ETF
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
EWZS. ISHARES MSCI BZL
EWT ISHARES MSCI TAIWAN ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Testing 1-month resistance All of the major averages (S&P 500, Nasdaq, and Dow) are testing key 1-month resistance levels. This test of short-term resistance comes despite new developments which continue to be of the negative variety, making it a logical area for the market to retreat. As a result, we remain cautious with an overall neutral outlook. • Negative developments continue. Copper exhibits signs of breaking down below the key $2.54-2.55 level, the small- vs. large-cap ratio (IJR/SPY...
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
EWN ISHARES MSCI NETHERLANDS ETF
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EFA ISHARES TRUST MSCI EAFE INDEX FUND
DBO INVESCO DB OIL FUND
VWO VANGUARD FTSE EMERGING MARKETS
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
SIL GLOBAL X SILVER MINERS ETF
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
RSXJ MARKET VECTORS RUSSIA SMALL-CAP ETF
PPLT ABERDEEN STANDARD PHYSICAL PLATINUM SHARES ETF
EWZS. ISHARES MSCI BZL
EWT ISHARES MSCI TAIWAN ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
As market participants attempt to digest the Trump/Xi G20 meeting and resulting trade cease-fire, the S&P 500 remains below logical resistance at 2,964. While a breakout would not be surprising, we believe additional consolidation is the more likely scenario. • Cyclicals unable to hit new price highs. Helping lead us to believe the market may not be ready to break out is the fact that several key cyclical areas of the market are either making lower highs or remain below resistance. Until we s...
EEM ISHARES MSCI EMERGING MARKETS ETF
GDX VANECK VECTORS GOLD MINERS ETF
IYT ISHARES TRANSPORTATION AVERAGE
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
THD. ISHARES MSCI THAILAND CAPPED E
ENZL ISHARES MSCI NEW ZEALAND CAPPE
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
XHB SPDR S&P HOMEBUILDERS ETF
KIE SPDR KBW INSURANCE ETF
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
FEU SPDR DJ STOXX 50 FUND
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
A14MTT ISHARES CURRENCY HEDGED MSCI GERMANY ETF
EWA ISHARES MSCI AUSTRALIA ETF
RSXJ MARKET VECTORS RUSSIA SMALL-CAP ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Market purgatory continues Despite the generally positive developments highlighted below, our outlook remains neutral and we see the S&P 500 remaining rangebound between support at 2,720-2,730 and resistance at the all-time highs of 2,954. We continue to believe an eventual breakout or breakdown is likely to be the deciding factor as to where the market is headed next. • U.S. dollar. The U.S. dollar has weakened and is testing critical support. We continue to believe further weakening has th...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWQ ISHARES MSCI FRANCE ETF
EWN ISHARES MSCI NETHERLANDS ETF
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
ENZL ISHARES MSCI NEW ZEALAND CAPPE
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
ITB ISHARES U.S. HOME CONSTRUCTION
CPER UNITED STATES COPPER INDEX FUND
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
IWB ISHARES RUSSELL 1000 ETF
RYT INVESCO S&P 500 EQUAL WEIGHT TECHNOLOGY ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
FEU SPDR DJ STOXX 50 FUND
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
EWA ISHARES MSCI AUSTRALIA ETF
TAN INVESCO SOLAR ETF
FM. ISHARES MSCI FRONTIER 100 FUND
IWD ISHARES RUSSELL 1000 VALUE ETF
IWF ISHARES RUSSELL 1000 GROWTH ET
RSXJ MARKET VECTORS RUSSIA SMALL-CAP ETF
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Market rangebound; Upgrading Services In last week's Compass we made several observations which led us to be cautious. All of the concerning observations have since reversed as the market found support: the U.S. dollar weakened, defensive areas underperformed, cyclical areas held at logical support, high yield spreads narrowed, and the 10-year Treasury yield found support. These positive developments are encouraging, however we believe the market remains rangebound. • S&P 500 levels. We beli...
MA MASTERCARD INCORPORATED
WEX WEX INC.
MAN MANPOWERGROUP
NCR NCR CORPORATION
ACN ACCENTURE PLC CLASS A
GPN GLOBAL PAYMENTS INC.
WU WESTERN UNION COMPANY
WITN WIPRO LTD
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
MMS MAXIMUS INC.
LDOS LEIDOS HOLDINGS INC.
IT GARTNER INC.
INFY INFOSYS LIMITED ADS
35G GENPACT LIMITED
FLT FLEETCOR TECHNOLOGIES INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EQIX EQUINIX INC.
EPAM EPAM SYSTEMS INC.
EEFT EURONET WORLDWIDE INC.
CLGX CORELOGIC INC.
CACI CACI INTERNATIONAL INC CLASS A
BAH BOOZ ALLEN HAMILTON HOLDING CORPORATION CLASS A
ARMK ARAMARK
ADP AUTOMATIC DATA PROCESSING INC.
XLB MATERIALS SELECT SECTOR SPDR FUND
BR BROADRIDGE FINANCIAL SOLUTIONS INC.
GLOB GLOBANT SA
KBR KBR INC.
EEM ISHARES MSCI EMERGING MARKETS ETF
FDC FIRST DATA CORPORATION CLASS A
EXPGY EXPERIAN PLC
BKI BLACK KNIGHT INC.
WP WORLDPAY INC. CLASS A
XLI SELECT SECTOR SPDR-INDUSTRIAL
EFA ISHARES TRUST MSCI EAFE INDEX FUND
SWCH SWITCH
KBE SPDR KBW BANK ETF
GDS GDS HOLDINGS LTD. SPONSORED ADR CLASS A
RAMP LIVERAMP HOLDINGS INC.
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
GIB.A CGI INC. CLASS A
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Caution warranted; Downgrading Materials We continue to believe that caution is warranted and we are concerned that key support levels we have been monitoring may not hold -- notably 2,800 and the 200-day MA on the S&P 500 and 4,125 and the 200-day MA on the equal-weighted S&P 500. Below we highlight several negative developments which increase the likelihood of a breakdown below these key S&P 500 support levels. • Cyclicals are deteriorating. We are downgrading Materials (XLB, RTM) to under...
ACN ACCENTURE PLC CLASS A
WITN WIPRO LTD
IT GARTNER INC.
INFY INFOSYS LIMITED ADS
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
AMT AMERICAN TOWER CORPORATION
SKY SKYLINE CHAMPION CORPORATION
XLB MATERIALS SELECT SECTOR SPDR FUND
CCI CROWN CASTLE INTERNATIONAL CORP
A0CA8M GENESEE & WYOMING INC. CLASS A
EEM ISHARES MSCI EMERGING MARKETS ETF
SBAC SBA COMMUNICATIONS CORP. CLASS A
CVCO CAVCO INDUSTRIES INC.
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
RCD INVESCO S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
GIB.A CGI INC. CLASS A
LEGH LEGACY HOUSING CORP
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