reports
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Testing YTD Lows; 2.5-Yr Commodity Uptrend Breaking In our previous ETF Pathfinder (Sept. 6) we discussed how key supports were being tested at 3900 on the S&P 500, $293-294 on the Nasdaq 100 (QQQ), and $178 on the Russell 2000 (IWM), and that breaks below these levels would virtually guarantee a test of the YTD lows -- or worse. Those support levels have broken, and we are now getting a test of the YTD lows. With so many indexes and key Sectors (e.g., Financials, Industrials, Technology) curren...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Index Supports Breaking; Upgrading Utilities Indexes continue to violate our key "lines in the sand" as the Russell 2000 (IWM) broke below $208, the S&P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109. This type of damage paints a bearish picture at the index level, and will take some time to repair. Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom. It is possible that yesterday's reversal could mark "th...
WEC WEC ENERGY GROUP INC
PPL PPL CORPORATION
PEG PUBLIC SERVICE ENTERPRISE GROUP INC
LNT ALLIANT ENERGY CORP
ED CONSOLIDATED EDISON INC.
DUK DUKE ENERGY CORPORATION
D DOMINION ENERGY INC
CMS CMS ENERGY CORPORATION
AVA AVISTA CORPORATION
FTS. FORTIS INC.
DTE DEUTSCHE TELEKOM AG
NI NIHAO MINERAL RESOURCES INT'L
EXC EXCEET GROUP SE
PCG PG&E CORPORATION
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLU SELECT SECTOR SPDR-UTILITIES
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Market Sending Mixed Signals; Stick With Value The market continues to send a mix of risk-on and risk-off signals, though most of the risk-on signals are centered around value Sectors such as Energy, Financials, Manufacturing/Industrials, and Materials (currently our favorite areas). Meanwhile, some of our big picture "lines in the sand" are being violated, including the Russell Micro Caps index (IWC) which is breaking below $134 as the Russell 2000 index (IWM) tests critical support at $207.50...
OXY OCCIDENTAL PETROLEUM CORPORATION
SLB.N SCHLUMBERGER NV
IMO. IMPERIAL OIL LIMITED
SU. SUNCOR ENERGY INC.
PXD PIONEER NATURAL RESOURCES COMPANY
MRO MARATHON OIL CORPORATION
HES HESS CORPORATION
HAL HALLIBURTON COMPANY
FANG DIAMONDBACK ENERGY INC.
EOG EOG RESOURCES INC.
DVN DEVON ENERGY CORPORATION
CVE CENOVUS ENERGY INC.
COG CABOT OIL & GAS CORPORATION
CNO CNO FINANCIAL GROUP INC.
CLR CONTINENTAL RESOURCES INC.
AR ANTERO RESOURCES CORPORATION
SPX SPIRAX-SARCO ENGINEERING PLC
MUR MURPHY OIL CORPORATION
CLB CORE LABORATORIES NV
WFT.. WEATHERFORD INTERNATIONAL PLC
EEM ISHARES MSCI EMERGING MARKETS ETF
BKR BAKER HUGHES COMPANY CLASS A
XLI SELECT SECTOR SPDR-INDUSTRIAL
KRE. SPDR KBW REGIONAL BANKING ETF
REEMF RARE ELEMENT RESOURCES
QQQ INVESCO QQQ TRUST
NOV SERIES 1
APA NOV INC.
OVV APA CORPORATION
IWC OVINTIV INC
QQEW ISHARES MICRO-CAP ETF
FIRST TRUST NASDAQ-100 EQUAL WEIGHTED INDEX FUND
- Dave Nicoski
- Ross LaDuke
Int'l Insights: Bullish Stocks
Overweight EM vs. EAFE; Dollar Weakness Continues The MSCI EM index (local currency) remains bullish from a price perspective as it breaks above 2-year resistance to new all-time highs; as long as price is above base support near 65,700, we are bullish from a price perspective. Additionally, the MSCI EM vs. EAFE ratio remains in an uptrend -- remain overweight EM relative to EAFE. We continue to attribute much of EM's outperformance to the downtrend in the US dollar (DXY). As long as weaknes...
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy In our October 1 Int'l Compass we highlighted our belief that the lows were in place for this recent correction and that, combined with mostly healthy market dynamics, a bullish outlook is appropriate if the MSCI ACWI (ACWI-US) is above $77 support and, if the MSCI EM (EEM-US) is above $42.30 support. These indexes and market dynamics have only improved since October 1. As a result, our outlook remains bullish and we continue to believe that the path of least resistance...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Corrective Phase Continues As US Dollar Rises; Japan Showing Strength In our most recent Int'l Compass (9/11/20) we highlighted our belief that global equities (MSCI ACWI) were going through a corrective phase -- this remains true today. Additionally, we view the break above 94 in the US dollar (DXY) as a concerning development for global equities, and if $77 fails to hold on ACWI-US, the next stop is likely to be $75 and the 200-day MA. · US Dollar (DXY); Broad Global Indexes. Short-t...
- 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, whil...
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWG ISHARES MSCI GERMANY ETF
EWL ISHARES MSCI SWITZERLAND CAPPE
EWN ISHARES MSCI NETHERLANDS ETF
MCHI.. ISHARES MSCI CHN
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
SOXX ISHARES PHLX SEMICONDUCTOR ETF
IHI ISHARES U.S. MEDICAL DEVICES E
EFA ISHARES TRUST MSCI EAFE INDEX FUND
DJP BARCLAYS IPATH DJ UBS COMMODITY TR ETN
XHE SPDR S&P HEALTH CARE EQUIPMENT ETF
XHB SPDR S&P HOMEBUILDERS ETF
EWT ISHARES MSCI TAIWAN ETF
KWEB KRANESHARES CSI CHINA INTERNET FUND
EWD ISHARES MSCI SWEDEN ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Bullish Yet Vigilant In our 6/8/20 ETF Pathfinder we noted a bullish outlook was warranted, but that equities were extended and that we would be buyers on a pullback. Now that markets have pulled back, the question is whether this is just a countertrend move within the ongoing bullish trend, or the beginning of a bigger correction. For now we remain bullish and believe this to be a buyable pullback. Below we highlight key developments we are watching, including what it would take for us to alte...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Battleground Spot For Global Equities Last week we highlighted what appeared to be rising wedge breakdowns in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes, and suggested some consolidation made sense as we get a feel for how the process of re-opening the economy is going. It ended up being a very brief consolidation period and all horizontal support levels held strong. With all the aforementioned indexes breaking above the resistance levels that we highlighted last week, it tells us momentum...
RTO LIAONING WELLHOPE AGRI-TECH (A)
RENTOKIL INITIAL PLC
600132 ROYAL VOPAK NV
600763 CHONGQING BREWERY CO.LTD CLASS A
HGNC TOPCHOICE MEDICAL CORP. CLASS A
4684 HENGAN INTERNATIONAL GROUP CO. LTD.
9449 OBIC CO. LTD.
7532 GMO INTERNET INC.
ATM PAN PACIFIC INTERNATIONAL HOLDINGS CORPORATION
600276 A2 MILK COMPANY LTD.
2782 JIANGSU HENGRUI MEDICINE CO. LTD. CLASS A
DOM SERIA CO. LTD.
06808 DOM DEVELOPMENT SA
002567 SUN ART RETAIL GROUP LIMITED
002507 TANGRENSHEN GROUP (A)
01268 CHONGQING FULING ZHACAI GROUP CO. LTD. CLASS A
603899 CHINA MEIDONG AUTO HOLDINGS LTD.
603939 SHANGHAI M&G STATIONERY INC.
600519 YIFENG PHARMACY CHAIN CO LTD CLASS A
6920 KWEICHOW MOUTAI CO. LTD. CLASS A
2326 LASERTEC CORP.
035420 DIGITAL ARTS INC.
2345 NAVER CORP.
7113 KUSHIM
2454 TOP GLOVE CORPORATION BHD.
3023 ALL ABOUT
MGLU3 RASA
MERS MAGAZINE LUIZA S.A.
139480 AL MEERA CONSUMER GOODS CO.
002714 E-MART INC.
EEM MUYUAN FOODS CO. LTD. CLASS A
002127 ISHARES MSCI EMERGING MARKETS ETF
300308 NANJI E-COMMERCE CO. LTD. CLASS A
TSGI ZHONGJI INNOLIGHT CO. LTD. CLASS A
EFA STARS GROUP INC
00839 ISHARES TRUST MSCI EAFE INDEX FUND
6544 CHINA EDUCATION GROUP HOLDINGS LIMITED
CUERVO JAPAN ELEVATOR SERVICE HOLDINGS
603517 BECLE SAB DE CV
1579 JUEWEI FOOD CO. LTD. CLASS A
603707 NIKKEI225 BULL 2X ETF
NPN NANJING KING-FRIEND BIOCHEMICAL PHARMACEUTICAL CO. LTD. CLASS A
06169 NUVEEN PENNSYLVANIA MUNICIPAL VALUE FUND
ACWX CHINA YUHUA EDUCATION CORP. LTD.
688266 ISHARES MSCI ACWI EX US ETF
300755 SUZHOU ZELGEN BIOPHARMACEUTICALS CO.
LTD.
VATS LIQUOR CHAIN STORE MANAGEMENT (A)
- 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
Market at key inflection point, still vulnerable We remain cautious with an overall neutral outlook as indicators continue to send mixed signals. By and large, new developments have been negative, but many areas we often look to in order to gauge risk sentiment - which also give us clues to where the market is likely headed next - are testing important support levels. • Negative developments. Several negative developments support our belief that the market may be poised for further weakness,...
EWC ISHARES MSCI CANADA ETF
CARZ FIRST TRUST NASDAQ GLOBAL AUTO INDEX FUND
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
ERUS BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EFA ISHARES TRUST MSCI EAFE INDEX FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS 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
EUFN ISHARES MSCI EUROPE FINANCIALS
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
TAN INVESCO SOLAR 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 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 Macro Vision: U.S. Equity Strategy
The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs ...
WEX WEX INC
CMCSA COMCAST CORPORATION CLASS A
STMICROELECTRONICS N.V. ADS
ACN ACCENTURE PLC CLASS A
V VISA INC. CLASS A
PYPL PAYPAL HOLDINGS INC
MCO MOODY'S CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EQIX EQUINIX INC.
CLGX CORELOGIC INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMT AMERICAN TOWER CORPORATION
ADBE ADOBE INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
AZPN ASPEN TECHNOLOGY INC.
EEM ISHARES MSCI EMERGING MARKETS ETF
GDX VANECK VECTORS GOLD MINERS ETF
SBAC SBA COMMUNICATIONS CORP. CLASS A
SPGI S&P GLOBAL INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
XLP SELECT SECTOR SPDR-CONSUMER STAPLES
XLK SELECT SECTOR SPDR-TECHNOLOGY
XLU SELECT SECTOR SPDR-UTILITIES
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
FXI ISHARES CHINA LARGE-CAP ETF
A2AHFT MARKET VECTORS JUNIOR GOLD MINERS ETF
RYF INVESCO S&P 500 EQUAL WEIGHT FINANCIALS ETF
RGI INVESCO S&P 500 EQUAL WEIGHT INDUSTRIALS ETF
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