Volatility Divergence – VIX vs. MOVE

Volatility Divergence – VIX vs. MOVE When MOVE is below the 50th percentile and VIX is above the 80th percentile, the average annualized S&P 500 price performance has been close to +21% compared to just over +7% the rest of the time. Image: Bloomberg

PMI vs. Equity Risk Premium

PMI vs. Equity Risk Premium The divergence between the ISM PMI and the equity risk premium is significant. Image: Morgan Stanley Research

Gold and the Misery Index

Gold and the Misery Index The divergence between gold and the misery index is widening. Image: BofA Global Research