reports
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Nasdaq 100 Breaking Out -- Buy; Bullish Outlook Intact As discussed throughout the first half of January, and reiterated in our 2/3/25 ETF Pathfinder, we continue to believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared. We also discussed our non-concern as it related to the Canada/Mexico tariff situation, calling the pullback a buying opportunity. Now, we are seeing signs that this 2+ month consolidatio...
ECH. ISHARES MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
EWG ISHARES MSCI GERMANY ETF
MCHI.. ISHARES MSCI CHN
EWI BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EPOL ISHARES MSCI POLAND CAPPED ETF
HEDJ WSDMTR EURP HDGD
EUFN ISHARES MSCI EUROPE FINANCIALS
EUSC WDMTR ERP HDG EQ
KWEB KRANESHARES CSI CHINA INTERNET FUND
EWW ISHARES MSCI MEXICO CAPPED INDEX FUND
ISHARES MSCI UAE CAPPED ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Tariff Tantrum Underway; Market Dynamics Still Risk-On As discussed throughout the first half of January, we continue to believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared. We anticipate the Canada/Mexico tariffs to be resolved relatively quickly, and therefore we view the latest pullback as a buying opportunity. Bottom line: market dynamics remain risk-on, and our outlook remains bullish as long as t...
EIS EISEN- UND HUETTENWERKE AG
EWG ISHARES MSCI GERMANY ETF
FDN FIRST TRUST DOW JONES INTERNET INDEX FUND
IAI ISHARES U.S. BROKER-DEALERSETF
EPOL ISHARES MSCI POLAND CAPPED ETF
HEDJ WSDMTR EURP HDGD
EUFN ISHARES MSCI EUROPE FINANCIALS
A14Y8J ARK WEB X.0 ETF NO PAR VALUE PER SHARE
ISHARES MSCI UAE CAPPED ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Still Riding the Trend Higher; Upgrading Real Estate to Market Weight After discussing our expectations for a bounce in our 10/30/23 ETF Pathfinder with the Russell 2000 (IWM) testing major support at $162-$163, we outlined in our 11/20/23 ETF Pathfinder that we were shifting our outlook to bullish. Market-generated information has continued to be of the risk-on variety, which has only reinforced our bullish outlook on the broad equity market. Therefore, we continue to expect a rally into year-...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Bullish Outlook Intact; Upgrading Brazil to Overweight In our October 26, 2023 Int'l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low. Then, in our November 2, 2023 Int'l Compass, we discussed the bullish implications of the false breakdown in the MSCI ACWI (local currency). Finally, we outlined in our November 16, 2023 Int'l Compass our belief that a year-end rally has begun in global equities (MSCI ACWI). Recent developments have...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
S&P 500 Testing 4165-4200 Resistance In our 4/3/23 ETF Pathfinder we noted that a test of 4165-4200 was in play on the S&P 500, and it made a high of 4169 last week. We still believe 4165-4200 will cap upside in 2023 -- with a reach to 4300-4325 also possible -- but considering limited upside, we recommend shifting toward defensives including Utilities (XLU, RYU), Consumer Staples (XLP), Health Care (XLV, PPH), and gold miners (GDX). Downside targets on the S&P 500 continue to be at the Decembe...
- 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 ETF Pathfinder: Actionable ETF research & Ideas
tick With Value; Gold Breaking Out As noted in our last ETF Pathfinder (Jan. 31), we remain bearish on the Russell 2000 index (IWM) and Russell Micro Cap index (IWC) as long as they remain below important resistance levels of $208 and $134, respectively. Additionally, we noted our expectation for sideways consolidation on the S&P 500 and Nasdaq 100 (QQQ), but that as long as 4257 and $334 supports hold, respectively, we cannot get too bearish. These levels have held, however we will reiterate t...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Sell In May And Go Away? The weight of the evidence remains positive and we continue to recommend adding exposure on pullbacks. We are entering a seasonally weaker period for the S&P 500 ("sell in May and go away") which could lead to some softness, however that alone is no reason to be bearish and we continue to see pullbacks as buying opportunities. S&P 500. The S&P 500 remains bullish and is in an uptrend, though continues to be extended in the short-term as it hovers near potential resista...
- 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
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
S&P 500 Testing Short-Term Support Market dynamics remain positive and there continues to be an absence of breakdowns across the major indexes and all Sectors. As a result we remain bullish and recommend adding exposure on pullbacks. · S&P 500 Levels. We see short-term support on the S&P 500 at 3630-3645. If this area fails to hold, the next important support levels to watch would be 3588 followed by 3550. As long as 3550 holds, we believe a bullish intermediate-term outlook is appropr...
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
S&P 500, Nasdaq Testing Support; Downgrading Energy Following uptrend violations in the S&P 500, Nasdaq 100, and Russell 2000 we made a tactical shift to a neutral outlook, something that continues to be supported by the weight of the evidence. Below we highlight several metrics we are watching; until these metrics take a turn for the worse, our neutral outlook is appropriate. · S&P 500, Nasdaq 100. The S&P 500 and Nasdaq 100 are above key support levels. On the S&P 500 we are watching...
IYT ISHARES TRANSPORTATION AVERAGE
SOXX ISHARES PHLX SEMICONDUCTOR ETF
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
EFNL ISHARES MSCI FINLAND CAPPED INVESTABLE MARKET INDEX FUND
EWJ ISHARES MSCI JAPAN ETF
EWT ISHARES MSCI TAIWAN ETF
EWGS ISHARES MSCI GERMANY SMALL-CAP
KWEB KRANESHARES CSI CHINA INTERNET FUND
EWD ISHARES MSCI SWEDEN ETF
A2AKZX ISHARES MSCI SAUDI ARABIA CAPPED 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
The S&P 500 managed to close above the key 2,817 resistance level last week as the recovery from 4Q2018 continues. We would like to see a more decisive upside move and for the index stay above this level for a few more days before calling it an official breakout. Overall we remain positive and continue to believe a “buy the dip†strategy is warranted. Below we highlight several observations which lead us to our positive outlook: • An offensive Sector shift: We are upgrading Materials (RTM...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
EWL ISHARES MSCI SWITZERLAND CAPPE
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
XBI SPDR S&P BIOTECH ETF
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
ARGT GLOBAL X FTSE ARGENTINA 20 ETF
EPU ISHARES MSCI ALL PERU CAPPED E
EWI BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
IGV ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
DBC INVESCO DB COMMODITY INDEX TRACKING FUND
DBO INVESCO DB OIL FUND
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
TUR ISHARES MSCI TURKEY ETF
VUG VANGUARD GROWTH ETF
RYH INVESCO S&P 500 EQUAL WEIGHT HEALTH CARE ETF
VTV VANGUARD VALUE ETF
RTM INVESCO S&P 500 EQUAL WEIGHT MATERIALS ETF
PALL ABERDEEN STANDARD PHYSICAL PALLADIUM SHARES ETF
GREK GLOBAL X MSCI GREECE ETF
FEU SPDR DJ STOXX 50 FUND
XSD SPDR S&P SEMICONDUCTOR 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
Downgrading defensive sectors: Staples, Utilities, and Real Estate We continue to grapple with the possibility that the Christmas Eve low was “the low,†while also considering the potential that the current oversold bounce may be a bear market rally - and that the potential for a retest of the December lows could be around the corner. Short-term market/technical developments and other observations below lead us to believe that a more constructive overall outlook on the broad market is warra...
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
HYG ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF
EEM ISHARES MSCI EMERGING MARKETS ETF
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
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
EZA ISHARES MSCI SOUTH AFRICA ETF
IAI ISHARES U.S. BROKER-DEALERSETF
SOXX ISHARES PHLX SEMICONDUCTOR ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
EWM ISHARES MSCI MALAYSIA ETF
EPU ISHARES MSCI ALL PERU CAPPED E
KRE. SPDR KBW REGIONAL BANKING ETF
EPOL ISHARES MSCI POLAND CAPPED ETF
IJR ISHARES S&P SMALL-CAP ETF
IVV ISHARES S&P 500 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
JNK SPDR BARCLAYS HIGH YIELD BOND ETF
EPHE ISHARES MSCI PHILIPPINES INVESTABLE MARKET INDEX ETF
A1138P ISHARES MSCI COLOMBIA CAPPED ETF
VUG VANGUARD GROWTH ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Cautious outlook intact We continue expect additional consolidation, volatility, and potentially lower prices as the market attempts to stabilize. Important levels we are monitoring on the S&P 500 include support near 2,600 and resistance near 2,817 - which currently coincides with both the 100-day and 50-day moving averages. • Big picture trends. The growth (IUSG) vs. value (IUSV) uptrend is breaking down in favor of value -- shift exposure from growth to value. The large-cap (IVV) vs. smal...
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
IBB ISHARES NASDAQ BIOTECHNOLOGY ETF
EWZ ISHARES MSCI BRAZIL CAPPED INDEX FUND
IAU ISHARES COMEX GOLD TRUST
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
BNO US BRENT OIL FUND LP
IHF ISHARES U.S. HEALTHCARE PROVID
DBO INVESCO DB OIL FUND
A115LY ISHARES MSCI QATAR CAPPED ETF
IJR ISHARES S&P SMALL-CAP ETF
IVV ISHARES S&P 500 ETF
IUSV ISHARES CORE RUSSELL U.S. VALU
IUSG ISHARES CORE RUSSELL U.S. GROW
VWO VANGUARD FTSE EMERGING MARKETS
RHS INVESCO S&P 500 EQUAL WEIGHT CONSUMER STAPLES ETF
RCD INVESCO S&P 500 EQUAL WEIGHT CONSUMER DISCRETIONARY ETF
EIS ISHARES MSCI ISRAEL CAPPED ETF
XHS SPDR S&P HEALTH CARE SERVICES FUND
XLC THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND
UUP INVESCO DB US DOLLAR INDEX BULLISH FUND
A1XFFG FIDELITY MSCI TELECOMMUNICATION SERVICES INDEX ETF
EIDO ISHARES MSCI INDONESIA ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Consumer Discretionary; Outlook increasingly bullish Upgrading Consumer Discretionary. The XLY's price and relative strength are breaking topside resistance to new highs... see below (right) and page 5. Market outlook and internals. Market internals continue to improve, which bolsters our increasingly bullish outlook. The Cyclicals vs. Staples ratio (XLY/XLP) continues to advance to new highs, confirming a risk-on environment. Also, one of the few previously concerning indicators we'...
SLV ISHARES SILVER TRUST
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
IAU ISHARES COMEX GOLD TRUST
EWQ ISHARES MSCI FRANCE ETF
EIRL ISHARES MSCI IRELAND CAPPED ET
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
THD. ISHARES MSCI THAILAND CAPPED E
SOXX ISHARES PHLX SEMICONDUCTOR ETF
ENZL ISHARES MSCI NEW ZEALAND CAPPE
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SPY SPDR S&P 500 ETF
EFA ISHARES TRUST MSCI EAFE INDEX FUND
BNO US BRENT OIL FUND LP
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
SCZ ISHARES MSCI EAFE SMALL-CAP ET
EPU ISHARES MSCI ALL PERU CAPPED E
ENOR ISHARES MSCI NORWAY CAPPED ETF
EWU SPDR S&P OIL & GAS EXPLORATION ETF
XOP ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
IGV BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EWS SPDR S&P SOFTWARE AND SERVICES FUND
XSW SPDR KBW REGIONAL BANKING ETF
KRE. VANECK VECTORS OIL REFINERS ETF
CRAK INVESCO DB COMMODITY INDEX TRACKING FUND
DBC INVESCO DB OIL FUND
DBO ISHARES MSCI HONG KONG ETF
EWH ISHARES U.S. OIL & GAS EXPLORA
IEO ISHARES MSCI FINLAND CAPPED INVESTABLE MARKET INDEX FUND
EFNL ISHARES MSCI JAPAN ETF
EWJ SPDR S&P RETAIL ETF
XRT MARKET VECTORS RETAIL ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Energy and Small-caps • Energy and small-caps breaking out. We are upgrading both to overweight. Continued strength in oil prices has led the XLE to breakout topside resistance... see below and page 6. Also breaking out to new highs is the Russell 2000 small-cap index (IWM)... see below and page 3. • Big picture trends: Interest rates, the USD, and commodities. The 10-year Treasury yield has continued to climb, moving as high as 3.115% last week to levels not seen since 2011. Wit...
SLV ISHARES SILVER TRUST
GLD SPDR GOLD TRUST
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWC ISHARES MSCI CANADA ETF
IWM ISHARES RUSSELL 2000 INDEX FUND
ECH. ISHARES MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
IAU ISHARES COMEX GOLD TRUST
EWQ ISHARES MSCI FRANCE ETF
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
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
THD. ISHARES MSCI THAILAND CAPPED E
IAI ISHARES U.S. BROKER-DEALERSETF
IHI ISHARES U.S. MEDICAL DEVICES E
EFA ISHARES TRUST MSCI EAFE INDEX FUND
DBO POWERSHARES DB OIL FUND
BNO US BRENT OIL FUND LP
SCZ ISHARES MSCI EAFE SMALL-CAP ET
EPU ISHARES MSCI ALL PERU CAPPED E
ENOR ISHARES MSCI NORWAY CAPPED ETF
EWI POWERSHARES DB COMMODITY INDEX FUND
EWU POWERSHARES DB US DOLLAR INDEX BULLISH FUND
DBC SPDR S&P OIL & GAS EXPLORATION ETF
UUP ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
XOP BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
Upgrading Utilities; Downgrading Industrials • Utilities upgrade, Industrials downgrade. Utilities' price and relative strength trends have been hitting higher lows and higher highs since the market bottomed in February, justifying an upgrade to market weight... see below and page 7. As for Industrials, the XLI's price and relative strength trends have continued to deteriorate, prompting us to downgrade the sector to market weight... see below and page 8. • Big picture trends: Commodities ...
XLB MATERIALS SELECT SECTOR SPDR FUND
EWQ ISHARES MSCI FRANCE 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
THD. ISHARES MSCI THAILAND CAPPED E
BJK MARKET VECTORS-GAMING ETF
SPY SPDR S&P 500 ETF
DBO POWERSHARES DB OIL FUND
BNO US BRENT OIL FUND LP
SCZ ISHARES MSCI EAFE SMALL-CAP ET
EPU ISHARES MSCI ALL PERU CAPPED E
EWI ISHARES NORTH AMERICAN TECH-SOFTWARE ETF
EWU BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
IGV POWERSHARES ETF NETWORKING PORT
EWS INVESCO POWERSHARESCAPITAL MANAGEMENT LLC
PXQ SPDR S&P SOFTWARE AND SERVICES FUND
RYU SPDR KBW REGIONAL BANKING ETF
XSW SPDR KBW CAPITAL MARKETS ETF
KRE. VANECK VECTORS OIL REFINERS ETF
- Dave Nicoski
- Ross LaDuke
Vermilion ETF Pathfinder: Actionable ETF research & Ideas
U.S. Dollar, broad commodities, and interest rates on the rise • Big picture trends: The USD, commodities, and interest rates. The USD (UUP) has broken topside its downtrend - a bullish development... see below. In a break from the traditional inverse relationship between the dollar and commodities (DBC), the latter remains on bullish footing, and oil prices (DBO, USO, BNO) continue to lead the advance - remain overweight. Also on the rise is the 10-year Treasury yield, which is testing 3.00%...
USO UNITED STATES OIL FUND LP
XLB MATERIALS SELECT SECTOR SPDR FUND
EEM ISHARES MSCI EMERGING MARKETS ETF
EWO ISHARES MSCI AUSTRIA CAPPED ET
ECH ISHARES MSCI CHILE CAPPED ETF
EWQ ISHARES MSCI FRANCE ETF
EWY ISHARES MSCI SOUTH KOREA CAPPED INDEX FUND
ITA ISHARES U.S. AEROSPACE & DEFENSE ETF
XLF SELECT SECTOR SPDR-FINANCIAL
XLI SELECT SECTOR SPDR-INDUSTRIAL
XLK SELECT SECTOR SPDR-TECHNOLOGY
FDN FIRST TRUST DOW JONES INTERNET INDEX FUND
A14Y9A FIRST TRUST NASDAQ CEA CYBERSECURITY ETF
THD. ISHARES MSCI THAILAND CAPPED E
IAI ISHARES U.S. BROKER-DEALERSETF
EWM ISHARES MSCI MALAYSIA ETF
PPA POWERSHARES ETF TRUST AEROSPACE & DEFENSE PORTFOLIO
DBO POWERSHARES DB OIL FUND
XAR SPDR S&P AEROSPACE AND DEFENSE FUND
BNO US BRENT OIL FUND LP
A2AMMR PUREFUNDS ISE MOBILE PAYMENTS ETF
SCZ ISHARES MSCI EAFE SMALL-CAP ET
IHF ISHARES U.S. HEALTHCARE PROVID
EPU ISHARES MSCI ALL PERU CAPPED E
ENOR ISHARES MSCI NORWAY CAPPED ETF
EWI BLACKROCK INSTITUTIONAL TRUST COMPANY N.A.
EWU POWERSHARES DB COMMODITY INDEX FUND
DBC POWERSHARES DB US DOLLAR INDEX BULLISH FUND
UUP SPDR S&P OIL & GAS EXPLORATION ETF
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