Category: Blog

1-Year Implied Volatility vs. IG Spreads Credit spreads are widening and BofA still sees a rates shock this year. Image: BofA Global Investment Strategy

FMS Investors – Net % That Monetary Risk to Be Above Normal Does tightening monetary policy pose the greatest risk to financial market stability? Image: BofA Global Fund Manager Survey

FMS Investors – Which of the Following Is Most Likely to Lead the S&P 500 Above 5000? Could a drop in U.S. CPI to 3% drive the S&P 500 above 5000? Image: BofA Global Fund Manager Survey

Net Retail Investment Flow as a % of Aggregate Market Capitalization Aggregate small-cap outflows by retail investors have been significant compared to their aggregate market capitalization. Image: Goldman Sachs Global Investment Research

S&P 500 – YoY Change in Costs The growth rate of corporate costs is very high. Should investors expect a margin squeeze? Image: Morgan Stanley Wealth Management

Inflation – S&P 500/WTI Could the United States face an energy crisis? Image: Gavekal, Macrobond

EM Currencies vs U.S. Dollar – Market Breadth The bullish breadth divergence suggests a potential upside among EM currencies. Image: Topdown Charts

FMS Cash Balance and S&P 500 FMS cash levels jumped to 5.3% in February, which is contrarian bullish. Image: BofA Global Fund Manager Survey

Median Sell-Off on Earnings Misses U.S. companies that missed their earnings estimates have been severely punished. Image: Deutsche Bank

Valuation – MSCI Europe 12-Month Forward P/E Valuation is back to pre-pandemic levels for European stocks. Image: Deutsche Bank Asset Allocation

FMS Investors – Net % Thinking Late-Cycle Are the conditions for a late cycle met? Image: BofA Global Fund Manager Survey