U.S. Retail Sales in March-April 2020 U.S. retail sales from March to April is dramatic and tumbled by a record 16.4%. Image: Oxford Economics

Projection of Treasury Issuance and Fed’s Purchases Deutsche Bank expects that Fed demand alone will outstrip Treasury supply by approximately $900 billion over the rest of 2020. Image: Deutsche Bank

European IPOs This chart highlights the sharp slowdown in European IPO activity. Image: Financial Times

Global Online Retailers vs. S&P 500 Indexed Price Return Global online retailers saw rise in traffic during the coronavirus pandemic. They have outperformed the S&P 500 year-to-date. Image: Goldman Sachs Global Investment Research

Cash on the Sidelines in Money Market Mutual Funds How much cash is sitting in money market mutual funds, waiting to come back to the market? $4.8 trillion, which is about 16% of market capitalization.…

Inflation Assets vs. Deflation Assets The leadership remains deflationary, and the laggards remain inflationary. Deflation assets: government bonds, U.S. investment grade, S&P 500, U.S. consumer discretionary, growth and US high yield. Inflation assets: TIPS, EAFE,…

Change in Global Oil Stocks Global oil inventory appear to have be peaking. Goldman Sachs forecasts that excess inventories will have peaked at 1,075 mb with a draw of 60 mb in June. Image: Goldman…

S&P 500 EPS Estimates for 2020 and 2021 In a downside scenario, S&P 500 EPS could fall to $70 in 2020 and reach $115 in 2021. Image: Goldman Sachs Global Investment Research

S&P 500 Year/Year EPS Growth Goldman Sachs maintains the 2020 S&P 500 EPS estimate of $110 and adjusts the quarterly path of earnings growth. Image: Goldman Sachs Global Investment Research

Average Performance by S&P 500 Quality Ranks when the Profits Cycle Decelerated Historically, high quality stocks (A+) have outperformed when the profits cycle decelerates, as investors tend to pay up for stable earnings growth. Image:…

Fintwit’s Sentiment for COVID-19 Topics Are you a perma-bull or a perma-bear? Perma-bulls are back on Twitter! Image: Arbor Research & Trading LLC