U.S. Zombie Companies and U.S. 10-Year Real Yields Chart showing that the percentage of zombie companies continues to rise as U.S. 10-year real yields fall. Image: Arbor Research & Trading LLC

M2 Money Supply and Inflation The link between money supply and inflation seems to have collapsed. Image: Real Investment Advice

Alternative Measures of U.S. Consumer Activity U.S. consumer spending increased sharply over the last few weeks and is now above its pre-coronavirus level. Image: Goldman Sachs Global Investment Research

S&P 500 Number of Daily Drawdowns Greater Than 3% Last year, the S&P 500 had a very high number of daily drawdowns greater than 3%. Image: J.P. Morgan

Bull Market – IG + Tech Fund Flows and S&P 500 What will end the current bull market? Image: BofA Global Investment Strategy

YoY Absolute Change in U.S. Margin Debt and YoY % Change in S&P 500 Should investors be worried about the growth of margin debt? Image: Gavekal, Macrobond

Valuation – S&P 500 Index Current Percentile Ranking Relative to History S&P 500 valuation metrics are elevated by historical standards. Image: Morgan Stanley Wealth Management

Central Bank Liquidity and the Market Capitalization of Tech Stocks Central bank liquidity tends to push tech stocks higher. Image: BofA Global Investment Strategy

U.S. M1 Money Supply Growth vs. Steepness of U.S. Yield Curve The U.S. yield curve is expected to steepen as M1 money supply growth goes to the moon. Image: Longview Economics

U.S. Total Call Option Volumes for Stocks and Indices U.S. total call option volume for stocks and indices is continuing to soar. Will this end well? Image: Deutsche Bank

CTAs Exposure to Equities CTAs overall equity exposure is in the 42th percentile. Image: Deutsche Bank Asset Allocation