S&P 500 Median Absolute Percentage Change by Day of the Year Chart showing that January 2 is the most volatile day of the year since 1930, with a median absolute change of 0.79%. Image: Bianco…

U.S. Real GDP Growth During Expansions The current business cycle is the longest, but it’s far from being the best. Image: Bloomberg

U.S. Unemployment Rate Forecast Goldman Sachs forecasts new lows in the U.S. unemployment rate in 2020. Image: Goldman Sachs Global Investment Research

Inequality – Share of National Net Worth Net worth inequality in the United States worsens. Images: Reuters

Annual Net Hedge Fund Openings Hedge funds are on track to record more closures than launches for the fifth consecutive year, due to mediocre returns and high fees. Image: Bloomberg

S&P 500 Average Monthly Returns Since 1950, the S&P 500 has been positive on average in January, but not over the past 10 & 20 years. Image: Ryan Detrick, LPL Financial LLC

Historical Returns of Stocks and Bonds by Decade The next decade could see anemic returns, due to low growth, low yields and low inflation expectations. Image: Morningstar

Valuation – S&P 500 Forward PE Ratio The forward P/E ratio of the S&P 500 is 19.77 and remains at high level. The historical range is about 15.5 to 17. Image: Bianco Research

Effect of Financial Conditions on U.S. Real GDP Growth Chart suggesting an improvement of U.S. real GDP growth in 2020, as the impulse from financial conditions turns positive. Image: Goldman Sachs Global Investment Research

S&P 500 – The 1994-1998-2011 Mini-Bear Analog The “mid-cycle adjustment” analog works very well so far and suggests where the S&P 500 could go next. Image: Fidelity Investments

10Y-2Y Yield Curve and U.S. Recession The U.S. yield curve is steepening and suggests optimism for 2020, as investors become more confident in the U.S. economy. Image: Financial Times