Net Issuance – Agency MBS, IG Corporate Credit, and U.S. Treasury Bills and Coupons March and April saw record paces of IG issuance. YTD total of net supply in IG is above last year’s number.…

U.S. Dollar Index and Fed Excess Reserves Fed excess reserves suggest lower U.S. dollar ahead. Image: BofA Research Investment Committee

U.S. Imports of Gold U.S. imports of gold increased significantly in March 2020, amid fears of shortages. Image: Pictet Wealth Management

S&P 500 vs. AAII Sentiment Survey AAII survey is more bearish than in March, as U.S. individual investors remain pessimistic about the rally. Image: Hondo Tomasz

Nasdaq vs. S&P 500 and Dow Jones The Nasdaq Composite is back into positive territory for 2020, after the sharp sell off in March. Image: CNBC

S&P 500 Real Return and Secular Bull Market Analogs Since the Great Recession, U.S. stocks have behaved like a secular bull market. Image: Fidelity Investments

2020 Consensus Earnings Expectations over the Past 12 Months While earnings expectations across the world have been revised downward, the S&P 500 is rising as nations ease lockdowns. Image: Goldman Sachs Global Investment Research

U.S. Jobless Claims Jobless claims are falling, but remain very high. Image: Pantheon Macroeconomics

Valuation – Global: Gold Mining vs. Broad Market Chart suggesting that gold miners have upside, but a pause is needed first. Image: BCA Research

Is Tech in a Bubble? – Global Equity Market, Technology with Shiller PE This chart suggests that on every metric, global tech is much healthier than it was during the internet bubble. Image: Pictet Asset…

Coronavirus Crisis and Reopening the U.S. Economy This map shows which states are reopening amid the coronavirus pandemic. Image: Bloomberg