Vermilion ETF Pathfinder: Actionable ETF research & Ideas

BIG PICTURE • Bullish but extended. Alien to any form of a correction, U.S. equities continue to plot higher, with the weight-of-the-evidence still favoring a bullish outlook. Validating this stance: Cyclicals and small-caps are leading; defense is lagging; commodities are bottoming; and foreign markets are breaking out, particularly Europe and Japan. That said, we recommend adding exposure on pullbacks, especially in extended segments like financials. • Value plus a side of tech: Value c...