SPDR KBW Bank ETF

  • TickerKBE
  • ISINUS78464A7972
  • ExchangeNYSE Arca
  • SectorNonequity Investment Instruments
  • CountryUnited States

Analysts

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 watching which will help determine if the current pullback will be similar to what happened in May,...

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 believe the market remains in purgatory as technical indicators remain mixed. We see the S&P 500 remaining...

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. • Additional bullish developments: Several cyclical areas of the market are breaking topside key resistance...

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 are not suggestive of worsening economic conditions... see chart below and page 2. • Small vs. large-...

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 warranted. • Upgrading Industrials (XLI): RS is bottoming for the XLI due in large part to strength in Aerospace & ...

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 watching which will help determine if the current pullback will be similar to what happened in May,...

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 believe the market remains in purgatory as technical indicators remain mixed. We see the S&P 500 remaining...

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. • Additional bullish developments: Several cyclical areas of the market are breaking topside key resistance...

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 are not suggestive of worsening economic conditions... see chart below and page 2. • Small vs. large-...

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 warranted. • Upgrading Industrials (XLI): RS is bottoming for the XLI due in large part to strength in Aerospace & ...

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