ISM Manufacturing Index and Credit Returns Across Economic Cycles Since 2004 If investors get the ISM Manufacturing right, they do well. Image: J.P. Morgan Asset Management

Inflows to U.S. Equity ETFs Investors are back into equities. Last month, more than $38 billion flowed into equity-focused ETFs. Image: Bloomberg

U.S. Trade Balance in Crude Oil and Petroleum Products The United States becomes a net exporter of crude oil and petroleum products. Image: Financial Times

Traditional 60/40 Portfolio and Percentage of Cumulative ETF Flows As suggested by this chart, the traditional 60/40 portfolio remains popular. Image: Arbor Research & Trading LLC

S&P 500 and ISM Composite PMI At current levels, the U.S. market is pricing in a strong rebound in the ISM Composite PMI rising to 57. Image: Deutsche Bank Asset Allocation

S&P 500: How Often Months Are the Best or Worst of the Year? Historically, August has been the worst most often, and April the best the most. Image: Ryan Detrick, LPL Financial LLC

Global Economic Strength and U.S. 10-Year Note Yield Chart suggesting that global economic strength explains the U.S. 10-year note yield. Image: Arbor Research & Trading LLC

U.S. Equity Flows Chart showing that money is once again flowing slightly into equity funds and ETFs. Image: Fidelity Investments

MSCI ACWI and Global Composite PMI Chart suggesting that global equities expect a pickup in global growth, as policy stimulus takes effect. Image: Morgan Stanley Research

Valuation – Distribution of S&P 500 P/E since 1935 On a P/E basis, the S&P 500 is not cheap. The S&P 500 P/E has been higher only about 10% of the time since 1935. Image:…

Simple U.S. Risk Parity Strategy Risk parity strategies performed very well this year. Image: Goldman Sachs Global Investment Research