Central Bank Balance Sheets as % of GDP The Federal Reserve appears as the central bank with the highest room to increase its balance sheet. Image: Deutsche Bank

S&P 500 vs. S&P 500 Companies Withdrawing Guidance The coronavirus pandemic is affecting earnings guidance. The 170 companies in the S&P500 that have withdrawn forward earnings guidance are underperforming the S&P500 by 10.7% YTD. Image:…

Variation in Economic Outcomes after Sudden Stops Since 1990 (Real Activity vs. Previous Peak) Most sudden stops are often followed by a slow recovery. Image: Goldman Sachs Global Investment Research

Nasdaq 100 Optimism Index Pullback on the horizon? The Nasdaq 100 Optimism Index’s Average is the highest for the last 20 years. Image: Axios Visuals

Valuation – Mega-Cap U.S. Tech Stocks (FAAMG) vs. MSCI World ex-US Could mega-cap U.S. stocks be in a bubble? Over the past 6 years, prices have increased five-fold, while earnings have only doubled. Image: Gavekal,…

Investors and Average Cash Balance Cash is up 4.9% from 4.7%, as investors remain cautious on coronavirus, election and macro. Image: BofA Global Fund Manager Survey

FMS Investors and Stock Market Valuation Is the stock market overvalued? Large number of FMS investors still think stock market is “overvalued” at 71%. Image: BofA Global Fund Manager Survey

Major Pullbacks since the Financial Crisis This chart puts into perspective major pullbacks since the financial crisis. Image: J.P. Morgan Asset Management

VIX vs. IG Credit Spread and S&P 500 This chart shows that the VIX has realigned with the IG credit spread, but not with the S&P 500. Image: Deutsche Bank

Oil Price vs. Global Trade Price Index Oil prices tend to drive prices for all traded goods. Image: Goldman Sachs Global Investment Research

Performance – FANG+ Index vs. S&P 500 and U.S. Banks The FANG+ index climbs higher, while banks slump again over fears of job losses and bad loans. Image: J.P. Morgan