S&P 500 – 2020 vs. 2009 This chart suggests that the S&P 500 is following the 2009 pattern and market breadth. Image: Morgan Stanley Research

Coronavirus Survey: When Do You Think the First Working Vaccine for COVID-19 Will Be Available? A majority market professionals think that the first working vaccine for COVID-19 will be available within 6-18 months. Image: Deutsche…

Size of Selected U.S. Asset Markets This chart puts into perspective the size of selected U.S. asset markets. The U.S. stock market is more than twice as large as the U.S. Treasury market. Image: Deutsche…

S&P 500 Equity Risk Premium – 2020 vs. 2009 Same equity risk premium in March 2020 as March 2009, but 30% higher P/E thanks to the level of rates. Image: Morgan Stanley Research

Market Sentiment (AAII) Are AAII investors too bearish? The S&P 500 is up 30%, but there are now more bears than at the March lows. Image: Fidelity Investments

U.S. High Yield Spreads vs. IG Spreads and Large Cap Growth Relative to Small Cap Value This chart suggests that new highs in stocks need high yield outperformance and sustained rotation from large cap growth…

Long/Short Hedge Fund Beta to S&P 500 The long/short hedge fund beta to S&P 500 remains very low. Image: Deutsche Bank Asset Allocation

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

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.…