Rotation vs. U.S. GDP Growth Forecasts Chart suggesting that the rotation out of bonds into equities, out of growth into cyclicals, out of large caps into small caps, and out of gold into copper, is…

U.S. Dollar and Euro – EUR/USD Forecast Investment banks expect the dollar to weaken against the euro in 2020. Image: Financial Times

Major Central Bank Balance Sheets and Emerging Market Equities Chart suggesting that the growth in G3 central bank balance sheets is positive for emerging market equities. Image: Oxford Economics

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