Valuation – Mega-Cap Tech PEG Ratio Despite relying on forward growth estimates that often move, the Mega-Cap Tech PEG ratio (P/E to CY3 EPS growth) has fallen sharply, echoing the lows of 2022. Image: Goldman…

YTD Returns of Select Equity Indices Wall Street has lost some spark. The KOSPI, fired up by semiconductor leaders, has surged 15% this year, dwarfing the S&P 500’s and Nasdaq 100’s modest 1% gains. Image:…

Net Weekly Global Flows: Equity vs. Money Markets Strong equity inflows and shrinking money market assets show investors are pulling cash out of safe havens and putting it back to work in stocks, giving new…

Gold vs. Bitcoin The gap between gold and bitcoin has widened in recent weeks. Safe‑haven flows have lifted gold, while bitcoin has been trading more like a high‑beta risk asset, closely tracking tech and growth…

U.S. High Yield Credit Spreads vs. VIX Investors are pricing high-yield credit as if the good times will roll on. Spreads are tight, fundamentals look firm, but that very optimism risks shading into complacency. Active…

Deviation of Earnings Above-Below Long Term Growth Trend vs. Valuations When earnings drift too far from their long-term growth trend, markets tend to close the gap painfully. The gap widening today points to risks still…

Real Price of Gold Per Ounce Gold’s nominal price has climbed past its 1980 peak, but once you factor in inflation, it’s far less frothy than it looks. The market hasn’t lost its head, at…

Seasonality – S&P 500 Cycle Composite for 2026 The S&P 500 Cycle Composite is flagging 2026 as a bullish but choppy year, and for now, the market is playing along with that seasonal script. Image:…

S&P 500 and Equity ETF Flows Equity ETFs remain money magnets, pulling in about $5.6 billion a day since the start of the year, up from $3.5 billion in 2025. Flows don’t lie: risk appetite is alive…

Earnings Sentiment (Analyst Upgrades Minus Downgrades Across Markets) Analysts are turning more cautious on U.S. earnings as growth concerns deepen, raising the risk of near-term pressure on stock valuations. Image: Goldman Sachs Global Investment Research

U.S. M2 Money Supply With M2 up 4.27% year on year, the money supply is lagging behind economic growth, pointing to cooling inflation rather than trouble. Image: Real Investment Advice