Cyclicals/Top 1500 and U.S. Recession

Cyclicals/Top 1500 and U.S. Recession Morgan Stanley sees a massive upside in cyclical shares, in a sharp V-shaped economic recovery. Image: Morgan Stanley Research

Bonds vs. Cyclicals

Bonds vs. Cyclicals This chart shows that the dispersion between bonds and cyclicals is very extended. Image: Fidelity Investments

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

U.S. Cyclicals/Defensives vs. ISM Manufacturing PMI

U.S. Cyclicals/Defensives vs. ISM Manufacturing PMI Chart showing the large divergence between U.S. cyclicals/defensives and the ISM Manufacturing PMI. Eventually, the gap should close soon. Image: Topdown Charts