DOCSLIB.ORG

Breakouts Are Global

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Breakouts Are Global Market Analysis Comment Technical Analysis Market Analysis | United States 04 May 2009 Breakouts are global Mary Ann Bartels +1 212 449 8038 Technical Research Analyst MLPF&S Equity market recovery is global [email protected] The breadth of rally from the March lows has improved as more indexes across Stephen Suttmeier, CFA, CMT +1 212 449 8813 the globe participate in the market recovery (side bar). Many of these indexes Technical Research Analyst MLPF&S show short to intermediate-term bases. The MSCI Emerging Markets Index, [email protected] Brazil, China, Korea, India, and Malaysia have breakouts from these bases and represent leadership for this rally. Australia, Hong Kong, Japan, Mexico, Russia, and Singapore are positioning for upside breakouts from these bases. While Global market recovery broad-based Europe is showing signs of bottoming, the major equity averages in this region are Our weekly global advance-decline line, lagging many of those in the rest of the world. which is based on 38 country indexes, has What about the US? broken out. This improvement in global breadth points to a more broad-based The US has seen a strong recovery confirmed by market breadth, accumulation recovery for the global equity markets. (rather than just short covering), and strong intermediate-term momentum readings. The NASDAQ is leading with a breakout from a short to intermediate- Global advance-decline line – Jan 07 to present term base, while the S&P 500 and DJIA remain below their early January highs. Year-to-date, the NASDAQ is up 9.0% while the S&P 500 and DJIA are down 2.9% and 6.4%, respectively. Importantly, the stocks versus bonds ratio broke to the upside now favoring stocks (see page 4). The sectors showing leadership are technology, materials, and consumer discretionary – these sectors also show the strongest bases off the November and March lows. Levels to watch – potential to higher resistance levels We maintain that within the rally from the March low, pullbacks or consolidations are likely to remain modest. While the S&P 500 continues to challenge the 880 area as resistance, the index has buy signals on both the daily and weekly point Jul-07 Jul-08 Jul-09 Oct-07 and figure charts. These signals project into higher levels of resistance. The daily Oct-08 Jan-07 Apr-07 Jan-08 Apr-08 Jan-09 Apr-09 signal counts to 935 and the weekly to 1000, which coincides with our 915-965 Source: Banc of America Securities-Merrill Lynch Market Analysis, Bloomberg resistance as well as the lower end of the post-October low range highs in the 1000-1050 area. We maintain that a 50% retracement of the downtrend from May 08 to Mar 09 is highly possible and targets 1050-1055. Key support is now 845- 825, which is above our 715-780 support area. Support and resistance levels Support Levels 1st Support 2nd Support Up April = positive bias for May S&P 500 845-825 815-780 The S&P 500 was up 9.4% in April, which was the fourth best showing for April. DJIA 7900-7750 7435-7260 NASDAQ Comp 1600-1560 1483-1400 Only April 1933 (33.9%), 1939 (15.1%), and 1935 (9.8%) showed higher returns Resistance Levels 1st Resistance 2nd Resistance for the month. Since 1928, a positive April for the S&P 500 has preceded an S&P 500 840-880 915-965 average gain of 0.53% for May (vs. an average loss of -0.02%). This also exceeds DJIA 8300-8405 9000-9300 NASDAQ Comp 1750-1775 1905-1948 the average loss of -0.88% in May that follows a negative April. In summary, an Source: Banc of America Securities-Merrill Lynch Market Analysis up April has a tendency to neutralize a negative seasonal bias in May. This implies that the market rally can continue. This report is an extract of a report of the same name published on 04 May 2009. Merrill Lynch does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 28 to 29. Analyst Certification on Page 27. 10834687 Market Analysis Comment 04 May 2009 Contents Market VIM & VIGOR strengthen 3 Daily NYSE A/D Line breaking out 3 S&P 500 point & figure buy signals 4 Stocks vs. bonds ratio favors stocks 4 Rally not driven by short covering 5 Oil Services strong vs AMEX Oil Index 6 Global indexes with breakouts 7 Global indexes in double bottoms 9 Global indexes building bases 10 Europe base-building, but lagging 11 Net Tab at +1 (from +2) 12 Net Tab Bands remains at -2 13 MZM money supply growth slows 14 Sector OBOS relative price model 15 S&P 500 OBOS industry model 17 Top S&P 500 stocks by market cap 18 S&P 500 OBOS top & bottom “tails” 19 Most Attractive Buy (MAB) List 22 Oscillator Methodology 24 Footnotes 25 2 Market Analysis Comment 04 May 2009 Market VIM & VIGOR strengthen So far, more buyers than sellers points Accumulation solidly above distribution to a strong rally. VIGOR closes above 16 Jan 09 high, a positive sign Bank of America Securities-Merrill Lynch Volume Intensity Model (VIM) and VIGOR Our Volume Intensity Model (VIM) gauges whether a market or sector is seeing 100 VIM distribution line accumulation (buying) or distribution 90 (selling). With VIM accumulation above 80 the VIM distribution since March 18, this 70 indicator is confirming the US equity 60 market rally off early March lows. 50 40 VIM accumulation line VIGOR has risen since March 19 and is also 30 confirming the market rally. On Friday, VIGOR closed above the lower top from 3700 3200 Jan 16. We would like to see a sustained 2700 breakout above this lower top to indicate 2200 a more meaningful shift from distribution 1700 1200 VIGOR to accumulation for the stocks in the 700 NYSE. 200 Jul-08 Jul-07 Jan-09 Jan-08 Mar-09 Mar-08 Sep-08 Nov-08 Sep-07 Nov-07 May-09 VIGOR is a cumulative line of the spread May-08 between VIM accumulation and VIM Source: Banc of America Securities-Merrill Lynch Market Analysis, FactSet distribution. It is an intermediate to longer-term indicator of accumulation relative to distribution. Daily NYSE A/D Line breaking out Now both the daily and weekly A/D lines have breakouts Improving market breadth is positive for the US equity market S&P 500 stocks advance-decline line – daily This is encouraging and suggests that the rally is becoming more broad-based, but we would still like to see breakouts on the stocks only advance decline lines for the NYSE and the S&P 500 (see chart on left). NYSE Cumulative Advance – Decline Line – daily chart, January 2007 to present No breakout yet for the S&P 500 advance- decline line. This is a measure of common stock breadth. Jan-07 Jan-08 Jan-09 May-07 Sep-07 May-08 Sep-08 May-09 Source: Banc of America Securities-Merrill Lynch Market Analysis, FactSet Unlike the S&P 500 and DJIA, the daily NYSE A/D line has broken above the downtrend from last May and the early January high. Jul-08 Jul-07 Oct-08 Oct-07 Jan-09 Apr-09 Jan-08 Apr-08 Jan-07 Apr-07 Source: Banc of America Securities-Merrill Lynch Market Analysis, WSJ.com 3 Market Analysis Comment 04 May 2009 S&P 500 point & figure buy signals Daily & weekly buy signals count to 935-1000 Key supports at 845-825 S&P 500 Point & Figure chart – weekly Daily signal valid while 845 holds; weekly signal valid while above 825 traditional 3 box reversal chart Corresponding point and figure chart levels for the DJIA are supports at 7900- 7750 and bullish counts to 8650-8900. S&P 500 Point & Figure chart –daily traditional 3 box reversal chart Source: Stockcharts.com Stocks vs. bonds ratio favors stocks Stocks vs. Bonds – 2 year daily chart with MACD Strong positive divergences on daily momentum for the stocks vs. bonds ratio support the case for a breakout in favor of stocks. Weekly momentum (not shown) also shows strong positive divergences. Daily MACD shows a strong positive divergence. Source: Stockcharts.com Source: Banc of America Securities-Merrill Lynch Market Analysis, Bloomberg 4 Market Analysis Comment 04 May 2009 Both our short interest data and Volume Rally not driven by short covering Intensity Model indicate that the market Advance shows significant accumulation (buying) not just short covering rally from the early March lows has been The S&P 500 index has rallied 12.6% between March 15 and April 15; over the driven more by accumulation (buying) same period adjusted short interest (ASI) remained nearly unchanged. If we rather than short covering. break out ASI by sector, we see the sectors with the highest price returns over this period-Financials and Industrials-gaining 34% and 20%, respectively also saw a 12.1% and 1.6% increase in ASI. Though there has been covering in other sectors, it indicates to us the rally has been based on significant accumulation (buying) rather than just short covering. March 15- April 15 % change in ASI and % returns by sector 40 % Financials have risen even as ASI 30 % increased - suggesting rally not driven by covering. 20 % 10 % 0% -10% -20% Energy Utilities Materials Financials Industrials Health Care Health Information Techno logy Co nsumer Discretionary Services Co nsumer Staples Telecommunication Price returns ASI Source: Banc of America Securities-Merrill Lynch Market Analysis Elevated shorts = potential floor for financials Improvement in financials is part of a bigger basing process Financials are nearly 1/3 of total adjusted short interest in the S&P 500 S&P 500 Financials – 1 year daily chart Financials are still the locus of shorting activity as well as the rally.
Load more

Recommended publications
  • ELECTRONIC, ELECTRICAL & SYSTEMS ENGINEERING Beng Final Year Project (EE3P) Ahmed Zaidi 1153609 Forecasting Weekly WTI Crude
    ELECTRONIC, ELECTRICAL & SYSTEMS ENGINEERING BEng Final Year Project (EE3P) Ahmed Zaidi 1153609 Forecasting Weekly WTI Crude Oil using Twitter Sentiment of US Foreign Policy and Oil Companies Dr. Mourad Oussalah Abstract The drop in crude oil price during late 2014 has had a significant impact on all nations. While some countries have reaped the benefits of low oil prices, others have suffered greatly. As a result, it is no surprise that many academics have attempted to develop reliable models to forecast crude oil price. In the age of information and social media, the role of Twitter and Facebook has become increasingly more relevant in understanding our environment. Many academics have exploited this wealth of data to extract features including sentiment and word frequency to build reliable forecasting models for financial instruments such as stocks. These methodologies, however, remain unexplored for the prediction of crude oil prices. The purpose of this investigation to develop a novel model that uses sentiment of United States foreign policy and oil companies’ to forecast the direction of weekly WTI crude oil prices. The investigation is divided into three parts: 1) a methodology of collecting tweets relevant to US foreign policy and oil companies’; 2) a statistical analysis of the novel features using Granger Causality Test; 3) the development and evaluation of three machine learning classifiers including Naïve Bayes, ANNs, and SVM to predict the direction of weekly WTI crude oil. The findings of the statistical analysis showed strong correlation between the novel inputs and WTI crude oil price. The results of the statistical tests were then used in the development of the predictive model.
    [Show full text]
  • Thomson One Symbols
    THOMSON ONE SYMBOLS QUICK REFERENCE CARD QUOTES FOR LISTED SECURITIES TO GET A QUOTE FOR TYPE EXAMPLE Specific Exchange Hyphen followed by exchange qualifier after the symbol IBM-N (N=NYSE) Warrant ' after the symbol IBM' When Issued 'RA after the symbol IBM'RA Class 'letter representing class IBM'A Preferred .letter representing class IBM.B Currency Rates symbol=-FX GBP=-FX QUOTES FOR ETF TO GET A QUOTE FOR TYPE Net Asset Value .NV after the ticker Indicative Value .IV after the ticker Estimated Cash Amount Per Creation Unit .EU after the ticker Shares Outstanding Value .SO after the ticker Total Cash Amount Per Creation Unit .TC after the ticker To get Net Asset Value for CEF, type XsymbolX. QRG-383 Date of issue: 15 December 2015 © 2015 Thomson Reuters. All rights reserved. Thomson Reuters disclaims any and all liability arising from the use of this document and does not guarantee that any information contained herein is accurate or complete. This document contains information proprietary to Thomson Reuters and may not be reproduced, transmitted, or distributed in whole or part without the express written permission of Thomson Reuters. THOMSON ONE SYMBOLS Quick Reference Card MAJOR INDEXES US INDEXES THE AMERICAS INDEX SYMBOL Dow Jones Industrial Average .DJIA Airline Index XAL Dow Jones Composite .COMP AMEX Computer Tech. Index XCI MSCI ACWI 892400STRD-MS AMEX Institutional Index XII MSCI World 990100STRD-MS AMEX Internet Index IIX MSCI EAFE 990300STRD-MS AMEX Oil Index XOI MSCI Emerging Markets 891800STRD-MS AMEX Pharmaceutical Index
    [Show full text]
  • Oil Prices and Stock Markets
    WORKING PAPER SERIES Oil Prices and Stock Markets Stavros Degiannakis, George Filis, and Vipin Arora June 2017 This paper is released to encourage discussion and critical comment. The analysis and conclusions expressed here are those of the authors and not necessarily those of the U.S. Energy Information Administration. Independent Statistics & Analysis U.S. Energy Information Administration www.eia.gov Washington, DC 20585 June 2017 Table of Contents Abstract ......................................................................................................................................................... 4 About the Authors ........................................................................................................................................ 5 Executive Summary ....................................................................................................................................... 6 1. Introduction .............................................................................................................................................. 8 2. Theoretical Transmission Mechanisms Between Oil and Stock Market Returns ................................... 10 2.1 Stock valuation channel ................................................................................................................... 10 2.2 Monetary channel ............................................................................................................................ 10 2.3. Output channel ..............................................................................................................................
    [Show full text]
  • Copyrighted Material
    P1: JYS ind JWBK304-Katsanos November 22, 2008 21:44 Printer: Yet to come Index abbreviations’ list 382–3 artificial neural networks 25, 154–5, ABS(DATA ARRAY) 379 168–71, 172, 215, 221–33, 357–65, ADM see Archer Daniels Midlands 371 ADRs 47, 86, 371 see also fuzzy logic; genetic algorithm advance-decline line 371 combined trading strategy 226–33, 360–3 ADX 140–3, 271–3, 276, 280–5 concepts 25, 154–5, 168–71, 172, 215, ADX(PERIODS) 379 221–33, 357–65, 371 AEX 82 conventional system comparisons 215, agricultural commodities 52–5 221–33 ALERT() 379 critique 169–71, 172, 221–33 Allianz 203 disparity 224–33, 359–60 aluminium 59–61, 249, 257, 259, 291 dynamic considerations 233 Amex Gold BUGS Index (HUI) FTSE system 215, 221–33, 357–65 concepts 63 hidden neurons 223, 225–33, 374 weighting method 63 hybrid strategy 172, 226–33, 363–5 Amex Oil Index (XOI) 30, 49–50, input considerations 221–2, 224–9, 233 55–8, 79–82, 216–33, 236–44, network architecture 230–2 357–65 nonlinear relationships 25 composition 56–7 optimization factors 168–71, 226–33 concepts 55–8, 216–33, 236–44 output considerations 226–9 correlations 57–8, 236–44 problems 222–3, 226, 232–3 S&P 500 79–82, 236–44 ROC 222–33, 357–60 weighting method 56–7 sensitivity analysis 226 ANOVA, concepts 161–2 testing procedures 223–9 Apache Corp. 56–7 total net profit 225–33 appendices 297–370COPYRIGHTEDtrading MATERIAL specifications 229–30 arbitrage 371 training 168–71, 172, 223–33 Archer Daniels Midlands (ADM) Asia Pacific Fund 251, 254–9 235 Asian crisis of 1997 78 Aristotle 111 Asian markets 7, 12–15, 74–5, 78 artificial intelligence asset allocations concepts 168–73 see also dynamic .
    [Show full text]
  • Peak Oil News
    Peak Oil News A Compilation of New Developments, Analysis, and Web Postings Tom Whipple, Editor Wednesday, December 03, 2008 Current Developments 1. OIL RISES SLIGHTLY AFTER PLUNGING TO 3-YEAR LOW Pablo Gorondi Associated Press Writer December 3, 2008 Oil prices rose slightly Wednesday but remained near three-year lows as investors tried to gauge how much the slowdown in U.S. and Chinese economies will hurt demand for crude. By midday in Europe, light, sweet crude for January delivery was up 30 cents to $47.26 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.32 overnight to settle at $46.96 after touching $46.82, the lowest level since May 20, 2005, when it traded at $46.20. In London, January Brent crude rose 30 cents to $45.74 on the ICE Futures exchange. "The rallies we've seen have been false rallies, relief rallies," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "The mood is overwhelmingly bearish at the moment." 2. OIL RISES FROM 3-YEAR LOW AS OPEC SIGNALS PLAN TO CUT SUPPLIES By Christian Schmollinger and Grant Smith Dec. 3 (Bloomberg) -- Crude oil rebounded from a three-year low on speculation OPEC will cut production further this month to check the collapse in prices. The Organization of Petroleum Exporting Countries intends to redice output when it meets on Dec. 17 in Algeria, Qatar’s Oil Minister Abdullah bin Hamad al- Attiyah said today. The U.S. Energy Department releases its weekly report on fuel inventories later today.
    [Show full text]
  • Intermarket Trading Strategies
    visit for more: http://trott.tv Your Source For Knowledge P1: JYS FM JWBK304-Katsanos November 22, 2008 14:21 Printer: Yet to come To my wife Erifili v P1: JYS FM JWBK304-Katsanos November 22, 2008 14:21 Printer: Yet to come Intermarket Trading Strategies i P1: JYS FM JWBK304-Katsanos November 22, 2008 14:21 Printer: Yet to come For other titles in the Wiley Trading Series please see www.wiley.com/finance ii P1: JYS FM JWBK304-Katsanos November 22, 2008 14:21 Printer: Yet to come INTERMARKET TRADING STRATEGIES Markos Katsanos A John Wiley and Sons, Ltd., Publication iii P1: JYS FM JWBK304-Katsanos November 22, 2008 14:21 Printer: Yet to come Copyright C 2008 Markos Katsanos Published by John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England Telephone (+44) 1243 779777 Email (for orders and customer service enquiries): [email protected] Visit our Home Page on www.wiley.com All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except under the terms of the Copyright, Designs and Patents Act 1988 or under the terms of a licence issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London, ECIN 8TS, UK, without the permission in writing of the Publisher. Requests to the Publisher should be addressed to the Permissions Department, John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England, or emailed to [email protected], or faxed to (+44) 1243 770620.
    [Show full text]
  • Commonly Used Symbols Quick Reference Card
    COMMONLY USED SYMBOLS IN THOMSON ONE QUICK REFERENCE CARD MAJOR INDEXES US INDEXES The Americas AMEX Airline Index .XAL Dow Jones Industrial Average .DJIA AMEX Biotech Index .BTK S&P 100 .OEX AMEX Composite Index .XAX S&P 500 .SPX AMEX Computer Tech. Index .XCI NASDAQ 100 .NDX AMEX Disk Drive Index DDX NYSE Composite .NYA AMEX Financial Index .XFI NASDAQ Composite .NCOMP AMEX Gold BUGS Index HUI S&P 1500 SPSUPX AMEX Health Care Index XHL S&P MidCap400 .MID AMEX Information Tech Index XIT S&P Small Cap 600 SML AMEX Institutional Index .XII Russell 2000 .RIY AMEX Internet Index IIX/IIV TSX Composite .TTT-T AMEX Major Market Index .XMI Brazilian IBOVESPA IBOV-BR AMEX Natural Gas XNG Mexican IPC IPC-MX AMEX Networking Index .NWX AMEX Oil Index .XOI Europe AMEX Pharmaceutical Index .DRG AEX Index AEX-AE AMEX Tobacco Index TOB BEL 20 Index BEL20-BT CBOE Gold Index GOX CAC 40 Index CAC40-FR CBOE Treasury Yield 30 Year TYX DAX Index DAX-XE CBOE VIX Index VIX EuroSTOXX 50 SX5E-STX Dow Jones Composite Average .COMP FTSE 100 Index UKX-LN Dow Jones Global Titans Index .DJGT FTSE ALL SHARE ASX-LN Dow Jones Industrial Average .DJIA IBEX 35 Index IB-MC Dow Jones Industrial Avg Tracking Stock DIA JSE All Share J203-JO Dow Jones Semiconductor .DJSEM MIB30 Index MIB30-MI Dow Jones Transportation Average .TRAN OMX Helsinki OMXHPI-HE Dow Jones US Growth Index .DJGTH OMX Stockholm 30 Index OMXS30-SK Dow Jones US Large Cap Index .DJLRG RTS Index RTSI-RS Dow Jones US Mid Cap Index .DJMID STOXX 50 Index SX5P-STX Dow Jones US Small Cap Index .DJSMC Swiss Market
    [Show full text]
  • Economic Overview
    Andrey Golubev Research Analyst Online Research: Russian & Global Capital Markets http://www.crediteurope.ru/en/research/ Treasury, Credit Europe Bank T: +7 (495) 725 40 40 (ext. 7239) To get a direct subscription, F: +7 (495) 725 40 13 Snapshot of Send an inquiry e-mail to: MAIL: [email protected] Global Capital Markets [email protected] BBG: [email protected] g 10.11.2007 [17:21 MSK] Gggg gg CURRENCIES MAJOR EQUITY INDICES Name Last 1D, % 1W, % 1Y, % Name Last 1D, % 1W, % 1Y, % MAJORS MAJORS EUR/USD 1.4679 0.01 3.77 14.31 DOW JONES INDUS. AVG 13042.74 1.69 7.45 7.72 GBP/USD 2.0903 0.81 2.34 9.40 S&P 500 INDEX 1453.70 1.43 6.92 5.27 USD/JPY 110.69 1.75 5.92 6.26 NASDAQ COMPOSITE INDEX 2627.94 2.52 6.34 9.97 USD/CHF 1.1226 0.49 5.40 10.63 S&P/TSX COMPOSITE INDEX 13869.82 1.83 2.98 12.39 CARRY MEXICO BOLSA INDEX 29158.86 0.45 10.21 21.74 AUD/JPY 0.9115 1.67 1.49 18.86 BRAZIL BOVESPA STOCK IDX 64320.56 1.19 2.99 57.96 NZD/JPY 0.7641 1.53 0.10 14.73 DJ EURO STOXX 50 = Pr 4297.83 1.51 3.98 5.76 USD/CAD 0.9448 1.05 3.92 19.85 FTSE 100 INDEX 6304.90 1.21 6.33 1.55 RUBLE CAC 40 INDEX 5524.18 1.91 5.47 1.41 USD/RUB 24.4580 0.01 2.04 8.88 DAX INDEX 7812.40 0.09 2.85 22.88 EUR/RUB 35.9002 0.01 1.69 4.99 IBEX 35 INDEX 15731.20 1.35 3.08 12.35 EMERGING MARKETS S&P/MIB INDEX 37845.00 1.82 7.93 6.51 USD/TRY 1.2022 1.75 1.22 20.53 AMSTERDAM EXCH INDX 510.65 2.39 8.67 3.59 USD/MXN 10.8905 0.75 0.60 0.04 OMX STOCKHOLM 30 INDEX 1115.09 2.65 11.52 1.43 USD/BRL 1.7454 0.17 3.05 23.27 SWISS MARKET INDEX 8417.15 2.19 8.48 3.65
    [Show full text]
  • About US Global Investors
    U.S. Global Investors Searching for Opportunities, Managing Risk History is Key to Future Success: Lessons Learned from Investment Cycles Jeffrey Hirsch, President of the Hirsch Organization Editor-in-Chief Stock Trader’s Almanac Editor Commodity Trader’s Almanac Frank Holmes, CEO and Chief Investment Officer U.S. Global Investors www.usfunds.com January 2012 1.800.US.FUNDS 11-772 Today’s Presenters Jeffrey Hirsch Frank Holmes www.usfunds.com January 2012 11-772 2 About U.S. Global Investors Publicly traded company, traded on NASDAQ (GROW) Headquartered in San Antonio, TX Boutique investment management firm specializing in commodity-related equity strategies Offers mutual funds focused in gold, precious metals and minerals, global resources, emerging markets and global infrastructure Manages $2.45 billion in average AUM as of September 30, 2011 www.usfunds.com January 2012 11-772 3 Focus on Education 28 MFEA STAR Awards for Excellence in Education www.usfunds.com January 2012 11-772 4 “Performance and Results Oriented” Investment leadership results in performance Winner of 29 Lipper performance awards, certificates and top rankings since 2000 (Four out of 13 U.S. Global Investors Funds received Lipper performance awards from 2005 to 2008, six out of 13 received certificates from 2000 to 2007, and two out of 13 received top rankings from 2009 to 2010.) www.usfunds.com January 2012 11-772 5 U.S. Global Investors Investment Process We use a matrix of “top-down” macro models and “bottom-up” micro stock selection models to determine weighting in countries, sectors and individual securities. We believe government policies are a precursor to change.
    [Show full text]
  • Modulo: "Milano" Circa 3400 Strumenti (Lista Aggiornata Al 12/01/2021) Mercati Contenuti: Tutte Le Azioni Ed I Warrant
    Modulo: "ITALIA" Circa 3500 strumenti (lista aggiornata al 03/09/2021) Mercati contenuti: Tutte le Azioni ed i Warrant quotati a Milano (Circa 700) Tutti gli ETF, ETC, ETN e QF quotati a Milano (Circa 1600) Selezione di Indici mondiali (Circa 850) Selezione di Futures (Circa 100) Selezione di Cross Valutari (Circa 180) Selezione di Criptovalute (Circa 30) AZIONI ITALIA (Circa 700) Nome 4AIM SICAF 4AIM SICAF COMPARTO 2 CROWDFUNDING A.B.P. NOCIVELLI A.S. ROMA A2A ABITARE IN ACEA ACQUAZZURRA ACSM ADIDAS ADVANCED MICRO DEVICES AEDES AEFFE AEGON AEROPORTO GUGLIELMO MARCONI DI BOLOGNA AGATOS AGEAS AHOLD DEL AIR FRANCE-KLM AIR LIQUIDE AIRBUS GROUP ALA ALERION ALFIO BARDOLLA ALGOWATT ALKEMY ALLIANZ ALMAWAVE ALPHABET CLASSE A ALPHABET CLASSE C AMAZON AMBIENTHESIS AMBROMOBILIARE AMGEN AMM AMPLIFON ANHEUSER-BUSCH ANIMA HOLDING ANTARES VISION APPLE AQUAFIL ARTERRA BIOSCIENCE ASCOPIAVE ASKOLL EVA ASML ASSITECA ASTALDI ASTM ATLANTIA ATON GREEN STORAGE AUTOGRILL AUTOSRADE MERID AVIO AXA AZIMUT B&C SPEAKERS B.F BANCA CARIGE BANCA FARMAFACTORING BANCA FINNAT BANCA GENERALI BANCA IFIS BANCA INTERMOBILIARE BANCA MEDIOLANUM BANCA MONTE PASCHI SIENA BANCA POPOLARE DI SONDRIO BANCA POPOLARE EMILIA ROMAGNA BANCA PROFILO BANCA SISTEMA BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) BANCO BPM BANCO DESIO BANCO DESIO RNC BANCO DI SANTANDER BASF BASICNET BASTOGI BAYER BB BIO TECH BE BEGHELLI BEIERSDORF BFC MEDIA BIALETTI INDUSTRIE BIANCAMANO BIESSE BIOERA BLUE FINANCIAL COMMUNICATION BMW BNP PARIBAS BORGOSESIA BORGOSESIA RNC BREMBO BRIOSCHI BRUNELLO CUCINELLI BUZZI UNICEM
    [Show full text]
  • Les Fusions-Acquisitions En Matière De Gaz Et De Pétrole Le Cas De L’Amérique Du Nord Albert Legault
    Document généré le 26 sept. 2021 15:27 Études internationales Les fusions-acquisitions en matière de gaz et de pétrole Le cas de l’Amérique du Nord Albert Legault Volume 35, numéro 3, septembre 2004 Résumé de l'article Cette étude vise à retracer l’évolution des F-A (fusions-acquisitions) en URI : https://id.erudit.org/iderudit/009906ar Amérique du Nord, plus particulièrement en matière de gaz et de pétrole. Le DOI : https://doi.org/10.7202/009906ar phénomène se situe dans la foulée de la restructuration des industries et dans le cadre d’une déréglementation généralisée de l’énergie, visant à encourager Aller au sommaire du numéro la concurrence sur un plan national et international. Dans un premier temps, nous tenterons de voir quelle est la part du secteur de l’énergie dans le cadre général des fusions-acquisitions, et de constater dans quelle mesure ces Éditeur(s) dernières correspondent ou non aux différents cycles d’évolution des prix en matière d’énergie. Dans un second temps, nous nous pencherons sur les IQHEI raisons et les motifs avancés pour justifier les F-A et tenterons de répondre aux trois questions suivantes. En se restructurant, l’industrie pétrolière a-t-elle ISSN réussi à accroître la valeur de ses entreprises, à faire profiter ses investissements, et à augmenter ses réserves ? Enfin, nous verrons quelles sont 0014-2123 (imprimé) les conséquences les plus immédiates des F-A sur l’industrie pétrolière au 1703-7891 (numérique) Canada. En effet, elle doit relever deux défis majeurs : comment rester compétitive, alors que les coûts de production augmentent, d’une part, et que le Découvrir la revue rendement sur les investissements tend à diminuer plutôt qu’à augmenter, d’autre part ? Citer cet article Legault, A.
    [Show full text]
  • Exchange Listed Options
    Directory EXCHANGE LISTED OPTIONS January 2000 TABLE OF CONTENTS Options Listings: Equity Options .............................................................................. 2 LEAPS® (Long-Term Equity AnticiPation Securities®) ................ 51 Index Options ............................................................................. 64 Long-Term Index Options........................................................... 66 Currency Options........................................................................ 67 Long-Term Currency Options ..................................................... 68 Interest Rate Options ................................................................. 68 Long-Term Interest Rate Options............................................... 68 Index FLEX™ Options................................................................ 69 Equity FLEX™ Options .............................................................. 69 Footnotes.................................................................................... 84 Expiration Cycle Charts.............................................................. 85 Product Specifications: Equity Options ............................................................................ 86 LEAPS® (Long-Term Equity AnticiPation Securities®) ................ 86 Index Options ............................................................................. 87 Equity FLEX™ Options ............................................................ 123 Index FLEX™ Options.............................................................
    [Show full text]