The Last Oil Supercycle and Its Drivers Should investors expect the start of a new supercycle in oil? Image: J.P. Morgan Quantitative and Derivative Strategy

Performance – S&P 500 Banks vs. 10Y-3M U.S. Treasury Yield Curve U.S. banks have lagged the broad market over the last 12 months, despite the yield curve steepening. Image: Gavekal, Macrobond

% of IPO that Are Unprofitable More and more unprofitable companies are going public. Image: BofA Research Investment Committee

World Equities Performance – Capital Intensive Companies vs. Non Capital Intensive Companies Equity markets tend to penalize capital-intensive companies. Image: Goldman Sachs Global Investment Research

Proportion of Growth Indicators Providing Bullish or Neutral Signal Markets are pricing in perfection, as 92% of BofA proprietary indicators are flashing bullish or neutral signals. Image: BofA Global Research

Value vs. Growth and Small Caps vs. Large Caps The rally in small caps is a strong bullish signal, but it has not yet been confirmed by a rebound in value vs. growth. Image: BofA…

Initial Public Offerings (IPOs) and Secondary Equity Offerings (SEOs) and S&P 500 Fwd 12-Month P/E – Leading Indicator Peaks in equity market issuance tend to precede peaks in S&P 500 P/E multiples. Image: BofA Research…

Rolling 10-Year Correlation of Real S&P 500 EPS Growth vs. Real U.S. and Global GDP Growth Real S&P 500 EPS growth tends to be more correlated to global than U.S. GDP growth. Image: BofA US…

Commodity, ISM Prices and Core PCE Price Index (Inflation) Commodities and manufactured goods tend to lead core inflation. Image: Morgan Stanley Wealth Management

Performance – Dividend Yield Secure yield tends to outperform in the long run. Image: BofA US Equity & Quant Strategy

Small Caps – Russell 2000 Distance from 200-Day Moving Average Is there is too much optimism built into small-caps? Image: Bespoke Investment Group