Weekly Gold Fund Flows This week saw the largest outflow from gold ever, as vaccine optimism soars. Image: BofA Global Investment Strategy

Global Tech Flows 6th largest inflow to tech ever, as investors expect the tech sector to continue to outperform Image: BofA Global Investment Strategy

Valuation – World Technology Equities Rising bond yields could hurt the tech sector, as it is very sensitive to higher yields. Image: BCA Research

FMS Investors and 10Y-3M Yield Curve FMS investors are expecting a steeper yield curve. At 73%, this is an all-time high. Image: BofA Global Fund Manager Survey

Weekly Changes in Gold ETF Holdings ETF selling is hurting the price of gold, as vaccine optimism soars. Image: The Daily Shot

World Equities and U.S. 10-Year Treasury Bond Yield Chart suggesting to sell stocks if the earnings yield spread reaches 2.5%. Image: BCA Research

Change in Debt-to-GDP Between Q4-2019 and Q3-2020 Countries are accumulating record amounts of debt. This chart puts into perspective the rise in debt-to-GDP ratio by country between Q4-2019 and Q3-2020. Image: Deutsche Bank

S&P 500 Spot Index and 2027 Implied Dividends The gap between the S&P 500 and dividends expected in 2027 remains large. Image: Goldman Sachs Global Investment Research

U.S. Presidents and the U.S. Dollar Will the U.S. dollar continue to depreciate? Image: Alpine Macro

S&P 500 Total Return – The Market Cycle Since the March low, the U.S. stock market continues to behave like a secular bull market. Image: Fidelity Investments