Equity Fund Outflows at Record History tell us that equities rose significantly. Picture source: SunTrust IAG

Global PMI & US ISM Manufacturing Indices This chart shows Global PMI Manufacturing Index (advanced 2-months) vs. US ISM Manufacturing Index. Picture source: Capital Economics

Late-cycle Worries Consumers are currently more optimistic today than about the future. That’s worrying because consumer spending contributes 70% of total U.S. production. Picture source: Deutsche Bank

U.S. Debt Ratios to GDP (Household, Corporate, Government) U.S. households remain far less in debt than during the Great Recession, but U.S. corporate debt continues to rise rapidly and has exceeded record levels . Picture source:…

Margin Debt and S&P 500 This chart shows that margin debt has not recovered from last December’s lows. Usually, it is bullish for stocks, because investors are still fearful. Picture source: Yardeni Research, Inc.