FMS Investors and U.S. Equity Market 53% of FMS investors think the U.S. equity market is in a late-stage bull market, while only 13% think the U.S. equity market is in a bubble. Image: BofA Global Fund Manager Survey
S&P 500 “Bubble” Levels The S&P 500 “bubble” level should be at 4,520 today and the 12-Month PE above 26x to match the levels of 1987, 2000 and 2008. Image: Pictet Asset Management
Oil – Brent Future Prices Oil prices are back to pre-covid levels. Will pro-cyclical stocks outperform, driven by strong global economic growth in 2021 and 2022? Image: Goldman Sachs Global Investment Research
Bubbles – FMS Investors and the Most Crowded Trade Are tech stocks and Bitcoin in bubble territory? Image: BofA Global Fund Manager Survey
Corporate High Yield Bond Index With high yield investors piling into risky debt, CCC spreads have collapsed the most over the past nine months. Image: Morgan Stanley Wealth Management
Coronavirus – Percentage of Covid-19 Deaths vs. Population How deadly is COVID-19? COVID-19 is most deadly if the person is older. Image: BofA
GWIM Flows to Cash BofA’s private clients are drawing down large amounts of cash. Image: BofA Global Investment Strategy
USD IG Real Yields USD investment-grade real yields are extremely low. Image: Goldman Sachs Global Investment Research
Call Volume % of Market Capitalization Basket Performance Will stocks with the highest call option volume continue to outperform? Image: Deutsche Bank Asset Allocation
S&P 500 – Bull vs. Bear Signal Using Search Topics The spread between bullish and bearish search topics is very high. Bullish: call options, bull spreads, long, swing trading, leaps,… Bearish: put options, short, volatility, recession,… Image: Arbor Research & Trading LLC
CTA’s Net Position in EUR/USD vs. EUR/USD CTAs are buying EUR/USD again. Image: Nomura