Valuation – Commodities Relative to the Dow Jones Commodities relative to the Dow Jones are trading at the lowest valuation level since the mid-1960s. Image: Incrementum

S&P 500 Price Return vs. 2021 EPS Revisions This chart highlights the positive correlation between price return and 2021 earnings revisions. Image: Goldman Sachs Global Investment Research

Coronavirus – Early Openers and Virus Incidence On the positive side, the first countries that eased lockdown measures have not seen higher virus incidence. Image: Goldman Sachs Global Investment Research

S&P 500 Valuation – Consensus FY2 PB and Return on Equity (ROE) This chart suggests that the current valuation of the S&P 500 appears broadly consistent with the correlation between consensus FY2 P/B and return…

World Epidemics and Global Stock Market Performance This chart shows how the global stock market has performed during past world epidemics. Image: BofA Global Research

S&P 500 Sector Return on Equity vs. Price to Book Valuation This chart suggests that sectors trade closely to their return on equity implied valuations (R² = 0.87). Image: Goldman Sachs Global Investment Research

S&P 500 Sectors Announced Buybacks This chart puts into perspective announced share buybacks by sector in the United States. Image: Deutsche Bank Asset Allocation

Dow Jones to Gold Ratio Since 1800 This long-term chart suggests the potential fall in share prices expressed in gold. Image: Incrementum AG

Housing – U.S. Median Famility Income to Mortgage Cost This chart suggests that relative to family incomes, buying a home in the U.S. is currently quite affordable by historical standards. Image: Gavekal, Macrobond

Fed Deflation Probability (Inflation Below Zero) This chart suggests the high probability that the U.S. inflation rate will fall below zero over the next 12 months.

Market Capitalization of 5 Largest Companies as Share of S&P 500 Total The market capitalization of the five largest companies now accounts for 20% of S&P 500 total, while the average is 13%. Image: Goldman…