Cyclicals to Defensive Stock Ratio and Treasury Bonds

Cyclicals to Defensive Stock Ratio and Treasury Bonds Market internals, the preference for large over small and quality over junk, suggest that the recovery will be modest. Image: Morgan Stanley Research

Valuation – S&P 500 vs. 10-Year Treasury Bond

Valuation – S&P 500 vs. 10-Year Treasury Bond This chart suggests that there is a 2 in 3 chance of a trend reversal, as the S&P 500 looks overbought vs. the 10-year Treasury bond. Image: BCA Research