U.S. Dollar and Relative Equity Performance Chart suggesting the pretty close relationship between U.S. dollar cycles and relative equity performance over the last 50 years. Image: Oxford Economics, Macrobond

U.S. Dollar and “Death Cross” The “death cross” strikes the U.S. dollar. Image: The Daily Shot

Value vs. Growth – Rolling 10-Year Total Return Will value stocks outperform growth stocks in the recovery phase? Image: Financial Times

Regional Share of Global GDP – North America, Europe and Japan vs. Asia ex-Japan Shifting patterns of global growth? This chart suggests that the center of gravity of global growth is shifting toward Asia. Image:…

Sector Implied Volatility Spread vs. S&P 500 More volatility to come for health care? Image: Goldman Sachs Global Investment Research

Blended Money Supply vs. U.S. Nominal GDP Historically, U.S. nominal GDP growth tends to track money supply growth. More inflation to come? Image: Deutsche Bank

Wave of Zombie Companies in Europe Zombie companies in Europe are back on the rise, thanks to an unprecedentedly easy monetary policy. Image: BofA Global Research

Valuation – Defensive Assets vs. Assets More Sensitive to the Economy Valuations suggest that we’re a long way from a return to normal times, as the market remains concerned about long-term growth. Image: Morgan Stanley…

Valuation – U.S. Stocks vs. Eurozone Stocks Will eurozone stocks outperform U.S. stocks in coronavirus recovery? Image: Gavekal, Macrobond

Euro Stoxx 50 and 200-Day Moving Average The Euro Stoxx 50 is testing its 200-day moving average, suggesting some resistance for further gains. Image: The Daily Shot

Fed Expansion as a Share of S&P 500 Market Capitalization Fed’s purchases are positive for the stock market, but as a share of S&P 500 market capitalization, they are less than during the 2008-2009 period.…