U.S. Companies – Record Balance Sheet Cash U.S. companies have accumulated record amounts of cash on their balance sheets to absorb the shock of the coronavirus pandemic and lockdown measures. Image: J.P. Morgan US Equity Strategy & Global Quantitative Research
CTAs’ Net Position in Russell 2000 Futures vs. Russell 2000 CTAs may be slightly walking back their net long position in Russell 2000 futures. Image: Nomura
Excess Liquidity and S&P 500 Performance Is the relationship between excess liquidity and S&P 500 performance fading? Image: Deutsche Bank
IPO ETF – IPO U.S. Equity IPO ETFs are skyrocketing this year. Are investors on the cusp of the next dot-com bubble? Image: BofA Global Investment Strategy
DXY U.S. Dollar Index and WTI Crude Oil Price (Leading Indicator) The U.S. dollar tends to lead oil prices by 6 months. Image: Gavekal, Macrobond
Equity Valuations – MSCI 12-Month Forward P/E Ratios Indian equity valuations are high. Are investors ignoring fundamentals? Image: Gavekal, Macrobond
Valuation – Real 10-Year Yield vs. S&P 500 PE on Trailing Operating EPS The S&P 500 P/E tends to rise when the real 10-year yield declines. A S&P 500 P/E of 26x and 2021 EPS of $148 suggest ~3,800 for the S&P 500. Image: Stifel
Survey – When Is the Fed Most Likely to Raise Interest Rates? 43% of the respondents in the survey see the Fed lifting off in 2023, with another 39% projecting the first rate hike in 2024 or later. Image: J.P. Morgan
Relative fwd P/E of Russell 1000 Value vs. Growth and S&P 500 fwd P/E Dispersion Is it time for investors to favor value vs. growth? Image: BofA US Equity & Quant Strategy
S&P 500 Index Earnings per Share Estimate for 2021 and 2022 S&P 500 earnings growth could improve to 25% in 2021 and should ultimately help equity valuations. Image: LPL Research
M2 Money Supply Growth Is the growth in money supply the solution to boost economic growth? Image: J.P. Morgan US Equity Strategy & Global Quantitative Research