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

Gold to Oil Ratio 1860-2020 The gold to oil ratio has reached the highest levels on record. Is oil a buying opportunity? Image: Goehring & Rozencwajg

Valuation – Nasdaq Internet Forward P/E vs. Total Fed Assets Chart suggesting the close relationship between the Nasdaq Internet forward P/E and total Fed assets. Image: Lohman Econometrics

Performance – S&P 500 Tech vs. S&P 500 Banks Total Return Relative Tech stocks have weathered the coronavirus panic. The outperformance of tech vs. banks is the biggest since the dotcom bubble and the Global…

Gold Price and Forecast 5-Year Real Rates Goldman Sachs expects U.S. real rates to continue to fall, and raised its 12-month forecast on gold to $2000/toz. Image: Goldman Sachs Global Investment Research

Coronavirus – Tightening and Easing Restrictions in the U.S. Tightening restrictions are rising, as daily coronavirus cases spike in the U.S. Image: Goldman Sachs Global Investment Research

2020 Stimulus as % of GDP – Emerging Markets vs. Developed Markets The 2020 stimulus is massive, especially in developed markets Image: BofA Global Investment Strategy