Momentum to Value Rotation The rotation into value suggests a rebound in global economic growth, not a recession. Image: BofA Merrill Lynch US Equity & US Quant Strategy

Correlation Between Value and Momentum The correlation between value and momentum is near record lows. Below this level, value outperformed momentum over the next 250 days (77% of the time) since 1986. Image: BofA Merrill Lynch US Equity & US Quant Strategy

Valuation – Value vs. Momentum Stocks Chart suggesting that value stocks are currently very cheap vs. momentum stocks. The relative forward P/E of value vs. momentum is at two standard deviations below the average. Image: BofA Merrill Lynch US Equity & Quant Strategy

Growth, Momentum, Volatility and Value Factor Performance Chart showing that value stocks make a comeback as momentum and growth stocks get hammered. Image: Goldman Sachs Global Investment Research

ANZ Global Lead Index The ANZ Global Lead Index is a leading indicator on global industrial production. The chart shows that growth momentum peaked in 2018. Currently, global growth is actually starting to moderate seriously. Image: ANZ Research

Global Growth Economy This chart shows the global real GDP growth and the long-term growth momentum. It’s never paid to bet against America. Picture Source: J.P. Morgan Asset Management

Dow Jones Transportation Average vs. S&P 500 This interesting chart suggests that the Dow Jones Transportation Average underperforms in secular bull markets. Actually, the S&P 500 had higher returns when the Dow Jones Transportation Average experienced negative momentum. Image: Oppenheimer & Co.

U.S. Unemployment Rate at 3.6% in April 2019 This is the lowest level since 1969!  Is this a sign of a booming economy? In any case, the U.S. economy does appear to be gaining momentum and that’s good news. See how the U.S. productivity has increased under Trump. Image: Hedgeye Risk Management LLC