CTAs’ Net Position in CMX Copper Futures vs. the CMX Copper Futures Price CTAs’ net long positions in copper are very bullish. Image: Nomura

U.S. Recessionary Manufacturing Activity U.S. manufacturing sectors are improving, with less than 50% of them in contraction. Image: Oxford Economics

Passive vs. Active Investing – Single Stocks vs. Equity ETFs More passive investing amid COVID, as BofA clients have bought ETFs almost 90% of the time over the last 50 weeks. Image: BofA Securities

U.S. 10-Year Treasury Yield and Fed: Months to Hike Should investors expect higher U.S. 10-year Treasury yields over the coming months? Image: Alpine Macro

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…

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