reports
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Market at a Crossroads Breadth has expanded significantly in recent weeks with the Russell 2000 (IWM) breaking above multi-year resistance at $210 (a bullish development for the broad equity market) as Technology/large-cap growth/Nasdaq 100 (QQQ) pulls back after getting extended. The QQQ violated its 20-day MA, but remains above gap support from June 12 at $467-472, a level that coincides with its 50-day MA; watch for support in this area. The S&P 500 is currently slightly below support at its...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
BAC BANK OF AMERICA CORP
AXL AMERICAN AXLE & MANUFACTURING HLDGS
URI UNITED RENTALS INC.
NEM NEWMONT CORPORATION
SIVB SVB FINANCIAL GROUP
AMCX AMC NETWORKS INC. CLASS A
ZION ZIONS BANCORPORATION N.A.
VC VISTEON CORPORATION
UNH UNITEDHEALTH GROUP INCORPORATED
UBA URSTADT BIDDLE PROPERTIES INC. CLASS A
SNV SYNOVUS FINANCIAL CORP.
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
PLCE CHILDREN'S PLACE INC.
PENN PENN NATIONAL GAMING INC.
OLLI OLLIE'S BARGAIN OUTLET HOLDINGS INC
LRCX LAM RESEARCH CORPORATION
KIM KIMCO REALTY CORPORATION
HVT HAVERTY FURNITURE COS. INC.
HBAN HUNTINGTON BANCSHARES INCORPORATED
GPI GROUP 1 AUTOMOTIVE INC.
GDOT GREEN DOT CORPORATION CLASS A
FRGI FIESTA RESTAURANT GROUP INC.
CTAS CINTAS CORPORATION
CIT CIT GROUP INC.
ASB ASSOCIATED BANC-CORP
AN AUTONATION INC.
AMP AMERIPRISE FINANCIAL INC.
AMAT APPLIED MATERIALS INC.
CMA COMERICA INCORPORATED
CONN CONN'S INC.
ETH ETHAN ALLEN INTERIORS INC.
KLAC KLA CORPORATION
SAM BOSTON BEER COMPANY INC. CLASS A
MKC/V MCCORMICK & CO VOTING
DLPH DELPHI TECHNOLOGIES PLC
CSCO. CISCO SYSTEMS INC. CEDEAR
GM GENERAL MOTORS COMPANY
XLF SELECT SECTOR SPDR-FINANCIAL
KBE SPDR KBW BANK ETF
PNTG PENNANT GROUP
- 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
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
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 Compass: Weekly Equity Strategy
Here we go again In last week's Compass we laid the case that markets were at a key inflection point heading into the first Fed rate cut in over a decade. Despite hawkish Fed takeaways, it was the escalation in the U.S.-China trade war that was the bigger story, however both weighed on global equities. Needless to say, everything we highlighted last week as being at a key inflection point failed to resolve in a manner that was bullish for equities. Below we highlight several developments we are...
NEM NEWMONT CORPORATION
NG. NOVAGOLD RESOURCES INC.
HAM HARMONY GOLD MINING CO LTD (ADR)
GFI GOLD FIELDS LTD. ADS
FNV. FRANCO-NEVADA CORPORATION
AU ANGLOGOLD ASHANTI LTD. ADS
AGI. ALAMOS GOLD INC.
ABX. BARRICK GOLD CORPORATION
EGO ELDORADO GOLD CORP.
K. KINROSS GOLD CORPORATION
SVM. SILVERCORP METALS
AEM. AGNICO EAGLE MINES LIMITED
BTO B2GOLD CORP.
FR. FIRST MAJESTIC SILVER CORP.
PAAS PAN AMERICAN SILVER CORP.
SEA SEABRIDGE GOLD
EEM ISHARES MSCI EMERGING MARKETS ETF
SBGL SIBANYE STILLWATER
IWM ISHARES RUSSELL 2000 INDEX FUND
USA.. AMERICAS SILVER CORP
NMI. KIRKLAND LAKE GOLD LTD.
WPM WHEATON PRECIOUS METALS CORP
SSRM SSR MINING INC
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLU SELECT SECTOR SPDR-UTILITIES
EFA ISHARES TRUST MSCI EAFE INDEX FUND
KBE SPDR KBW BANK ETF
JNK SPDR BARCLAYS HIGH YIELD BOND ETF
DUBA DRDGOLD LTD. ADS
ACWI ISHARES MSCI ACWI ETF
VNQ VANGUARD REIT ETF
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Markets at key inflection point Global markets are at a key inflection point as investors await the first Fed rate cut since 2008 in an effort to keep the economy on track and stave off uncertainties relating to global growth and trade. Over the past couple of weeks the market has been in wait-and-see mode in anticipation of this Wednesday's Fed announcement. Earnings have been the focal point, but the S&P 500 has been virtually unchanged. That is all likely to change following the Fed rate cut...
PG PROCTER & GAMBLE COMPANY
LOPE GRAND CANYON EDUCATION INC.
KTOS KRATOS DEFENSE & SECURITY SOLUTIONS INC.
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
CLX CLOROX COMPANY
CL COLGATE-PALMOLIVE COMPANY
CHD CHURCH & DWIGHT CO. INC.
CAE. CAE INC.
BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC.
UNIN UNILEVER NV ADR
DXYN DIXIE GROUP
WDFC WD-40 COMPANY
ATGE ADTALEM GLOBAL EDUCATION INC.
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLY SELECT SECTOR SPDR-CONSUMER DISCRETIONARY
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLU SELECT SECTOR SPDR-UTILITIES
SOXX ISHARES PHLX SEMICONDUCTOR ETF
IHF ISHARES U.S. HEALTHCARE PROVID
KBE SPDR KBW BANK ETF
VNQ VANGUARD REIT ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Global indexes at major resistance Despite the S&P 500 having crept into all-time high territory, several signals continue to give us reason for pause as they are not indicative of what we would expect to see in a typical bull market. Below we highlight some of these signals which give us reason for pause, including major global indexes (ACWI and IOO) which find themselves at critical resistance... see charts below. • Reasons for pause: RS is neutral and consolidating for defensive bond prox...
GLD SPDR GOLD TRUST
EEM ISHARES MSCI EMERGING MARKETS ETF
GDX VANECK VECTORS GOLD MINERS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
IYT ISHARES TRANSPORTATION AVERAGE
EWL ISHARES MSCI SWITZERLAND CAPPE
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
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
IHF ISHARES U.S. HEALTHCARE PROVID
KRE. SPDR KBW REGIONAL BANKING ETF
KBE SPDR KBW BANK ETF
CPER UNITED STATES COPPER INDEX FUND
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
A2AHFT MARKET VECTORS JUNIOR GOLD MINERS ETF
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
TAN INVESCO SOLAR ETF
RSXJ MARKET VECTORS RUSSIA SMALL-CAP ETF
IOO ISHARES GLOBAL 100 ETF
ACWI ISHARES MSCI ACWI ETF
XLB. ISHARES CORE CANADIAN LONG TER
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Semiconductors, Transportation improving The S&P 500 continues to move higher on narrow leadership, which is not inspiring a bullish outlook. Currently leading the S&P 500 higher in terms of RS are Technology, Services, Facebook (FB), Amazon (AMZN), and Procter & Gamble (PG). If this were a bull market, (1) PG would likely NOT be listed here as leadership, and (2) we would expect to see participation broaden out to Discretionary (RCD), Transportation (IYT), banks (KBE), Industrials (XLI), and s...
CSGP COSTAR GROUP INC
EFX EQUIFAX INC.
VRSK VERISK ANALYTICS INC
TRU TRANSUNION
PG PROCTER & GAMBLE COMPANY
MU MICRON TECHNOLOGY INC.
MATX MATSON INC.
ICFI ICF INTERNATIONAL INC.
HURN HURON CONSULTING GROUP INC.
FCN FTI CONSULTING INC.
FB FACEBOOK INC. CLASS A
EXPO EXPONENT INC.
CDE COEUR MINING INC.
CBZ CBIZ INC.
ASC ARDMORE SHIPPING
SSW ATLAS CORP.
SBL SAFE BULKERS INC.
SALT ENETI INC.
GNK GENCO SHIPPING & TRADING LTD.
MAG. MAG SILVER CORP.
SVM. SILVERCORP METALS
FR. FIRST MAJESTIC SILVER CORP.
FVI. FORTUNA SILVER MINES INC.
PAAS PAN AMERICAN SILVER CORP.
SBLK STAR BULK CARRIERS CORP.
LSTR LANDSTAR SYSTEM INC.
ODFL OLD DOMINION FREIGHT LINE INC.
IWM ISHARES RUSSELL 2000 INDEX FUND
JBHT J.B. HUNT TRANSPORT SERVICES INC.
IYT ISHARES TRANSPORTATION AVERAGE
WPM WHEATON PRECIOUS METALS CORP
SSRM SSR MINING INC
KNX KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. CLASS A
AMZN AMAZON.COM INC.
XLI SELECT SECTOR SPDR-INDUSTRIAL
SOXX ISHARES PHLX SEMICONDUCTOR ETF
KBE SPDR KBW BANK ETF
XSD SPDR S&P SEMICONDUCTOR ETF
NMM NAVIOS MARITIME PARTNERS
GSL GLOBAL SHIP LEASE INC. CLASS A
NM NAVIOS MARITIME HOLDINGS INC.
- 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 ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Communications and Energy We remain positive on U.S. and foreign equities and we are encouraged by recent developments highlighted below which are primarily of the bullish variety. • Upgrades: We are upgrading Comm. Services (XLC) to overweight and equal-weighted Energy (RYE) to market weight due to an RS breakout for the XLC and bullish RS reversals for several energy ETFs (RYE, XOP, IEO). Add exposure. See charts below and Sector comments on pages 4-5 for actionable ideas. • A...
EEM ISHARES MSCI EMERGING MARKETS ETF
EWL ISHARES MSCI SWITZERLAND CAPPE
CARZ FIRST TRUST NASDAQ GLOBAL AUTO INDEX FUND
EWO ISHARES MSCI AUSTRIA CAPPED ET
EWQ ISHARES MSCI FRANCE ETF
MCHI.. ISHARES MSCI CHN
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
SMH MARKET VECTORS SMEICONDOUCTOR ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XOP SPDR S&P OIL & GAS EXPLORATION ETF
KRE. SPDR KBW REGIONAL BANKING ETF
KCE SPDR KBW CAPITAL MARKETS ETF
EWH ISHARES MSCI HONG KONG ETF
IEO ISHARES U.S. OIL & GAS EXPLORA
KBE SPDR KBW BANK ETF
XHB SPDR S&P HOMEBUILDERS ETF
VEA VANGUARD FTSE DEVELOPED MARKETS ETF
VWO VANGUARD FTSE EMERGING MARKETS
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
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
EUFN ISHARES MSCI EUROPE FINANCIALS
GREK GLOBAL X MSCI GREECE ETF
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
- 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 a...
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
MCHI.. ISHARES MSCI CHN
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
IHI ISHARES U.S. MEDICAL DEVICES E
ENZL ISHARES MSCI NEW ZEALAND CAPPE
XTN SPDR S&P TRANSPORTATION ETF
XBI SPDR S&P BIOTECH ETF
EPU ISHARES MSCI ALL PERU CAPPED E
EWI BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
DBO INVESCO DB OIL FUND
EWH ISHARES MSCI HONG KONG ETF
KBE SPDR KBW BANK ETF
XHB SPDR S&P HOMEBUILDERS ETF
IJR ISHARES S&P SMALL-CAP ETF
CPER UNITED STATES COPPER INDEX FUND
VEA VANGUARD FTSE DEVELOPED MARKETS ETF
VWO VANGUARD FTSE EMERGING MARKETS
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
UUP INVESCO DB US DOLLAR INDEX BULLISH FUND
A1138P ISHARES MSCI COLOMBIA CAPPED 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
GREK GLOBAL X MSCI GREECE ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Industrials; Overweight Small-Caps The S&P 500 has continued to trickle higher along with positive expectations surrounding trade and Fed policy. 2,817 is the current resistance level we are watching on the S&P 500. Considering the market's melt-up, we believe potential exists for a “sell the news†event once a deal on trade is announced. At the same time, we continue to believe the market is going through a bottoming process and that a “buy the dip†mentality remains warrante...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
ECH. ISHARES MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
IAU ISHARES COMEX GOLD TRUST
EWL ISHARES MSCI SWITZERLAND CAPPE
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
MCHI.. ISHARES MSCI CHN
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
XLRE REAL ESTATE SPDR
XLU SELECT SECTOR SPDR-UTILITIES
XME SPDR S&P METALS & MINING ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
EPU ISHARES MSCI ALL PERU CAPPED E
KBE SPDR KBW BANK ETF
XHB SPDR S&P HOMEBUILDERS ETF
IJR ISHARES S&P SMALL-CAP ETF
VEA VANGUARD FTSE DEVELOPED MARKETS ETF
VWO VANGUARD FTSE EMERGING MARKETS
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
UUP INVESCO DB US DOLLAR INDEX BULLISH FUND
TUR ISHARES MSCI TURKEY ETF
VUG VANGUARD GROWTH ETF
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
VTV VANGUARD VALUE ETF
HEDJ WSDMTR EURP HDGD
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Real Estate and Utilities to overweight The S&P 500 peaked near 2,817 resistance following the Trump-Xi meeting at the G20 summit, and is now hovering near the critical 2,600 support level. Our baseline expectation is for continued consolidation between these support and resistance levels. The ultimate breakout or breakdown will be key in determining where the market goes longer term. Meanwhile, barring meaningful clarity on the U.S.-China trade front or Fed policy, the market remains...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
PPH VANECK VECTORS PHARMACEUTICAL
IAU ISHARES COMEX GOLD TRUST
MCHI.. ISHARES MSCI CHN
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
IHF ISHARES U.S. HEALTHCARE PROVID
A115LY ISHARES MSCI QATAR CAPPED ETF
KBE SPDR KBW BANK ETF
VEA VANGUARD FTSE DEVELOPED MARKETS ETF
VWO VANGUARD FTSE EMERGING MARKETS
XHS SPDR S&P HEALTH CARE SERVICES FUND
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
UUP INVESCO DB US DOLLAR INDEX BULLISH FUND
EIDO ISHARES MSCI INDONESIA ETF
TUR ISHARES MSCI TURKEY ETF
REZ ISHARES RESIDENTIAL REAL ESTAT
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
YTD S&P 500 trading range continues; Avoid broad international exposure Constructive but murky outlook for U.S. equities paints an overall mixed picture, making sector/group/stock selection critical. • Bull case: (1) advance-decline (A-D) lines and other breadth indicators (% of stocks above 50-, 200-day moving averages) are neutral to positive; (2) price and RS uptrends remain intact for risk-on segments, including Technology (XLK), biotech (XBI, IBB), and growth stocks (IUSG); and (3) the ...
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
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
XBI SPDR S&P BIOTECH ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
IHF ISHARES U.S. HEALTHCARE PROVID
KRE. SPDR KBW REGIONAL BANKING ETF
CRAK VANECK VECTORS OIL REFINERS ETF
DBC INVESCO DB COMMODITY INDEX TRACKING FUND
DBO INVESCO DB OIL FUND
IEO ISHARES U.S. OIL & GAS EXPLORA
RTH MARKET VECTORS RETAIL ETF
DJP BARCLAYS IPATH DJ UBS COMMODITY TR ETN
DBE INVESCO DB ENERGY FUND
DBB INVESCO DB BASE METALS FUND
ITB ISHARES U.S. HOME CONSTRUCTION
INDA ISHARES MSCI INDIA ETF
EPOL ISHARES MSCI POLAND CAPPED ETF
A115LY ISHARES MSCI QATAR CAPPED ETF
XHE SPDR S&P HEALTH CARE EQUIPMENT ETF
KBE SPDR KBW BANK ETF
XHB SPDR S&P HOMEBUILDERS ETF
PGAL GLOBAL X FTSE PORTUGAL 20 ETF
NORW GLOBAL X NORWAY ETF
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