CTAs’ Net Position in Russell 2000 Futures vs. Russell 2000 CTAs may be slightly walking back their net long position in Russell 2000 futures. Image: Nomura

Excess Liquidity and S&P 500 Performance Is the relationship between excess liquidity and S&P 500 performance fading? Image: Deutsche Bank

IPO ETF – IPO U.S. Equity IPO ETFs are skyrocketing this year. Are investors on the cusp of the next dot-com bubble? Image: BofA Global Investment Strategy

DXY U.S. Dollar Index and WTI Crude Oil Price (Leading Indicator) The U.S. dollar tends to lead oil prices by 6 months. Image: Gavekal, Macrobond

Equity Valuations – MSCI 12-Month Forward P/E Ratios Indian equity valuations are high. Are investors ignoring fundamentals? Image: Gavekal, Macrobond

Valuation – Real 10-Year Yield vs. S&P 500 PE on Trailing Operating EPS The S&P 500 P/E tends to rise when the real 10-year yield declines. A S&P 500 P/E of 26x and 2021 EPS…

Survey – When Is the Fed Most Likely to Raise Interest Rates? 43% of the respondents in the survey see the Fed lifting off in 2023, with another 39% projecting the first rate hike in…

S&P 500 Index – Returns 1 Year and 2 Years After 30% or Greater Decline in Stocks Historically, the S&P 500 Index tends to add gains after the initial rise. Image: LPL Research

Relative fwd P/E of Russell 1000 Value vs. Growth and S&P 500 fwd P/E Dispersion Is it time for investors to favor value vs. growth? Image: BofA US Equity & Quant Strategy

Earnings – 2021 Quarterly S&P 500 EPS Growth Goldman Sachs is more optimistic than consensus on S&P 500 EPS growth in 2021. Image: Goldman Sachs Global Investment Research

S&P 500 Index Earnings per Share Estimate for 2021 and 2022 S&P 500 earnings growth could improve to 25% in 2021 and should ultimately help equity valuations. Image: LPL Research