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

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…

U.S. Stock Market – Valuation Metric Is the U.S. stock market overvalued? By historical standards, many traditional valuation metrics look expensive. Image: Charles Schwab

Global Economic Strength Indices (Imports/Exports, Confidence, Inflation) Global trade is recovering after a period of weakness. That’s good news for inflation. Image: Arbor Research & Trading LLC

Emerging Markets Exports Value and MSCI Emerging Markets 12m Trailing EPS Chart suggesting that EM corporate profits are linked to the global trade cycle. Image: Gavekal, Macrobond