S&P 500 Today vs. S&P 500 in 2009 Chart suggesting that the market is following the 2009 pattern. Image: Morgan Stanley Research

S&P 500 and Chicago Fed National Financial Conditions Index Fed financial conditions continue to improve, which is historically bullish for U.S. equities. Image: BofA Global Research

Seasonality – S&P 500 1-Month & Percentage of Time Up If you “sell in May and go away”, you could miss a summer rally, as June-August is historically the second best 3-month period. Image: BofA…

S&P 500 vs. Gold and S&P 500 vs. Bonds (Total Return) U.S. stocks look pricey next to bonds—but measured against gold, it’s not mania, it’s money insurance. Investors are hedging debasement and inflation, not chasing…

Farrell Sentiment vs. S&P 500 The Farrell Sentiment is contrarian bullish, even after a 30%+ rally in the S&P 500. Image: BofA Global Research

Fed’s Credit Lending Facilities Only a fraction of Fed’s emergency lending facilities has been deployed so far. Image: Oxford Economics

G4 Unemployment Rate The G4 unemployment rate is expected to peak at 9% in 2020:Q4. Image: Morgan Stanley Research

Corporate Bonds – Share of Market Value in Bloomberg Barclays USD IG (AAA, AA, A, BBB) Credit quality is deteriorating, as the amount of BBB-rated bonds, one step away from junk bonds, has doubled since…

Employment/Population Ratio Since 1948 in the U.S. The challenge of unemployment in the United States: about half of the population is jobless. Image: CNBC

Rolling 10-Year Annualized Real GDP Growth vs. Total Return for S&P 500 Index Chart suggesting that the U.S. stock market can ignore the economy for long periods of time. Image: Bloomberg

Growth in Gold Price and Central Bank Balance Sheets Chart suggesting that the growth of central bank balance sheets should drive gold prices higher. Image: BofA Global Research