Small-Cap Stocks – Russell 2000 and 200-Day Moving Average There is a lot of optimism built into small-caps. Image: Strategas Research Partners

Coronavirus – Percent of Population With Natural Immunity on December 20 The proportion of the U.S. population with natural immunity from COVID-19 is estimated at 26%. Image: Goldman Sachs Global Investment Research

Russell 2000/Nasdaq 100 and Real U.S. 10-Year Yields This chart highlights the current divergence between real U.S. 10-year yields and the Russell 2000 relative to the Nasdaq 100. Image: Morgan Stanley Research

Low Interest Rates and Equity Valuation Low levels of interest rates help to explain the U.S. stock market valuation. Image: MarketDesk Research

Japanese Equities, Ex-Financials, Since 1980 Japanese equities, ex-financials, have had a very honorable past decade. Are Japanese equities still a good bet? Image: Gavekal, Macrobond

Valuation – Tesla and Market Capitalization of Select Auto Manufacturers Tesla’s market capitalization is higher than the world’s top seven car manufacturers combined. How long can it last? Image: Axios

Seasonality – S&P 500 Performance in Last 10 Trading Days of a Year: 1945 – 2020 Historically, the last 10 trading days of the year tend to be positive for the U.S. stock market. Image:…

U.S. Dollar Index and MSCI Emerging Markets Index A weaker U.S. dollar tends to boost emerging markets. Image: Morgan Stanley Wealth Management

Average U.S. Yield Curve Level and U.S. Recessions The U.S. yield curve is likely to steepen further. Image: Scotiabank GBM Portfolio Strategy

Nasdaq 100/Russell 2000 vs. Nasdaq 100/S&P 500 and CBOE Equity Put/Call Ratio Is Tech in a bubble? Image: Nordea and Macrobond

Forward Price/Earnings Ratio – MSCI USA Index and MSCI Emerging Markets Index Emerging markets look more attractive than the U.S. market on forward earnings. Image: Morgan Stanley Wealth Management