Report
Dave Nicoski ...
  • Ross LaDuke
EUR 226.50 For Business Accounts Only

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) is hitting fresh lows after an attempted bottom, and Utilities (XLU) notched a new YTD RS high last week. All of this is consistent with an unhealthy equity market landscape, and is consistent with a market that is likely to struggle for gains moving forward... see page 2.

• Commodities. Continue to favor precious metals (GLD, SLV, PPLT) within the commodity structure. WTI crude oil (DBO) remains a laggard and we are concerned that there may be a breakdown in light of its descending triangle pattern... see page 3.

• Actionable Industry ETFs: SIL, IHI, ITA, and ITB... see page 10.

• EM and Int'l: Developed (EFA) and EM (EEM, VWO) ETFs are making lower highs and lower lows, something we continue to see as concerning for foreign and U.S. equity markets alike. Remain underweight... see page 11.

• Actionable Int'l ETFs: EWN, EWC, ERUS, RSXJ, EWT, and EWZS... see pages 12-13.
Underlyings
Aberdeen Standard Physical Platinum Shares ETF

BlackRock Institutional Trust Company N.A.

Global X Silver Miners ETF

Invesco DB Oil Fund

Invesco S&P 500 Equal Weight Energy ETF

Invesco S&P 500 Equal Weight Financials ETF

Invesco S&P 500 Equal Weight Health Care ETF

Invesco S&P 500 Equal Weight Materials ETF

Invesco S&P 500 Equal Weight Technology ETF

ISHARES MSCI BZL

iShares MSCI Canada ETF

iShares MSCI Emerging Markets ETF

iShares MSCI Netherlands ETF

iShares MSCI Taiwan ETF

iShares silver trust

iShares Trust MSCI EAFE Index Fund

Market Vectors Russia Small-Cap ETF

Materials Select Sector SPDR Fund

REAL ESTATE SPDR

Select Sector SPDR-Consumer Discretionary

Select Sector SPDR-Consumer Staples

Select Sector SPDR-Financial

Select Sector SPDR-Industrial

Select Sector SPDR-Technology

Select Sector SPDR-Utilities

SPDR Gold Trust

The Communication Services Select Sector SPDR Fund

Vanguard FTSE Emerging Markets

Provider
Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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