MSCI World vs. Global Composite PMI Global stock markets are very optimistic, as soft and hard indicators suggest that the global slowdown may have bottomed out. Image: Morgan Stanley Research

U.S. Equity Indices Futures The U.S. stock market is on fire. Investors have grown extremely bullish. Image: BCA Research

Gold and Emerging Market Currency Index Historically, a weak U.S. dollar tends to be good for gold and emerging markets. Image: Gavekal, Macrobond

Federal Reserve Balance Sheet: Assets and Liabilities This chart shows the total assets and liabilities of the Federal Reserve. According to the NY Fed, the Fed’s balance sheet could be between $3.8 trillion and $4.7…

Valuation – S&P 500 EV/EBITDA The EV/EBITDA of the S&P 500 suggests that stocks are as expensive as they were during the Internet bubble. Image: Tomasz Hońdo

U.S. Equities and Global Equities ex-U.S. This chart suggests that higher yields could cause great rotation from bonds to stocks, US equities to non-US equities, growth to value, large caps to small caps, tech stocks…

2019 Market Performance Compared to 2018 Large growth, S&P 500, small growth, small caps and REITs perform best in 2019. Image: Fidelity Investments

Weekly Net Flows into Bond Mutual Funds and Exchange Traded Funds Bond funds posted record inflows as the Iranian crisis intensified. Image: Financial Times

Effect of the Trade War on U.S. Real GDP Growth Assuming no further escalation, the trade war drag on real GDP growth is expected to gradually fade over the year. Image: Goldman Sachs Global Investment…

Small Cap Cyclical Sectors vs. Defensive Sectors Median Forward P/E Relative valuations for small-cap cyclicals versus small-cap defensives also remain near the 20-year lows. Image: BofA US Equity & Quant Strategy

Average Price Performance of Gold, Oil and Base Metals during Four Military Conflicts This chart shows the average price performance of gold, oil and base metals during the following military conflicts: 1980 Iran-Iraq War, 1990…