U.S. Retail Inventories Retail inventories in the United States continue to rise. Image: BofA Global Investment Strategy

Performance – Over the Next 12 Months, Net % FMS Investors Think… Will high quality earnings beat low quality earnings over the next 12 months? Image: BofA Global Fund Manager Survey

FMS Investors – Net % Expecting Higher Short-Term Rates At the market lows, investors will expect the Fed to cut rates. Image: BofA Global Fund Manager Survey

Valuation – Trailing Price to Earnings Ratio at Prior Bear Market Bottoms The trailing price to earnings ratio on the S&P 500 could fall further. Image: Strategas Asset Management

Which of the Following Assets Will Produce the Best Returns? Are FMS investors too bullish on oil? Image: BofA Global Fund Manager Survey

S&P 500 – Where Do You Think the Fed “Put” Is? Should investor still expect a Fed “put” with rising inflation? Image: BofA Global Fund Manager Survey

MSCI EMU 12-Month Forward EPS Earnings estimates are revised significantly downward during recessions. Image: Gavekal, Macrobond

EPS – South Korea Exports vs. S&P 500 Earnings per Share Should investors expect a decline in S&P 500 profits going forward? Image: Morgan Stanley Wealth Management

Earnings – Conference Board CEO Confidence vs. U.S. Corporate Profits YoY Change Should investors be worried about an earnings recession? CEO confidence doesn’t bode well for U.S. corporate profits. Image: Morgan Stanley Wealth Management

S&P 500 Dividend Yield The S&P 500’s dividend yield is still lower than the long term average. Image: The Daily Shot

MBA U.S. Mortgage Market Index U.S. mortgage demand is falling as interest rates rise. Image: BofA Global Investment Strategy