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

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

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

Global Real M1 vs. MSCI World Total Return (Leading Indicator) Global real M1 suggests that 2021 could be a good year for risky assets. Image: Nordea and Macrobond