Valuation – S&P 500 vs. 10-Year Treasury Bond This chart suggests that there is a 2 in 3 chance of a trend reversal, as the S&P 500 looks overbought vs. the 10-year Treasury bond. Image:…

Completed Chinese Direct Investment Transactions in Europe and North America Chinese investments in Europe and North America fell again last year. Is it over? Image: The Wall Street Journal

Risk & Return, and Sharpe Ratio This chart shows risk and return since 1970 and since the 2009 low, including the Sharpe ratio. Image: Fidelity Investments

Vanguard and U.S. Mutual Funds Is Vanguard getting too big as a firm? What about its impact on corporate America? Image: Financial Times

Aggregate CTAs Equity Exposure CTAs equity exposure also remains at a high level. Image: Deutsche Bank Asset Allocation

S&P 500 – Performance since 2016 vs. Performance since 2019 The U.S. stock market is on fire. Will history repeat itself? Image: Gavekal, Macrobond

S&P 500 and Caixin China Manufacturing PMI This chart suggests that the relationship between the S&P 500 and the Chinese Manufacturing PMI offers a better explanation since 2015. Image: Danske Bank Research

Incumbent Presidential Election Years Since 22nd Amendment Incumbent presidential election years have traditionally been good for equities, with an average return of 11.4% since 22nd amendment. Image: Morgan Stanley Research

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