Number of Countries in Each Cycle Stage Chart suggesting that the global synchronised slowdown is over. According to the OECD leading indicators, the number of countries in recovery is rising. Image: TS Lombard

U.S. Stock Market Breadth The US stock market breadth is improving and continues to drive stocks higher. Image: Fidelity Investments

MSCI Europe Relative to S&P 500 The relative range between the MSCI Europe Index and the S&P 500 has been broken since the European financial crisis. Since 2011, European equities have underperformed the U.S. at…

Valuation – The Largest Stock in the S&P 500 At current level, Apple is the largest publicly traded U.S. stock. Image: Bianco Research

What Happens The Year After The S&P 500 Gains More Than 30% (Total Return) Historically, the chart shows that the following year has been higher 10 of 12 times and the average return is 15.2%.…

BofA Fund Managers Sentiment vs. MSCI ACWI TR Fund managers are euphoric about the future state of the global economy, but the chart suggests that the euphoria has not yet reached the warning zone. Image:…

U.S. Buybacks and Buyback Yield Buybacks are expected to slow to $625bn in 2020, while providing robust yields. Image: Wells Fargo Investment Institute

State and Private Enterprise Default Rate in China The default rate for private Chinese companies has reached a record high at 4.9% vs. 0.6% in 2014. Image: Financial Times

Flows into ETFs and Mutual Funds (Passive vs. Active) Mutual funds exhibit persistent outflows explained by aging and fees, while inflows into ETFs continue to rise. Image: Arbor Research & Trading LLC

Performance: MSCI World Banks Index Relative to MSCI World Index Chart showing the terrible performance of banks all around the world since the Great Financial Crisis. Image: Gavekal, Macrobond

Chicago Fed National Financial Conditions Index and S&P 500 Financial conditions remain easy, which is historically bullish for U.S. equities. Image: BofA Global Research