Category: Blog

Valuation – S&P 500 12-Month Forward P/E Ratio and 2-Year U.S. Treasury Yield Historically, rising rates tend to compress S&P 500 valuation multiples. Image: Alpine Macro

10-Year Government Bond Yield Will global 10-year government bond yields continue to rise? Image: Morgan Stanley Wealth Management

Total Equity Flows Minus Bond Flows and U.S. 10-Year Yield Will the rotation in fund flows from bonds to equities continue? Image: Deutsche Bank Asset Allocation

Cash to Liabilities Ratio – Households, Corporations and Banks in the U.S. How much cash is still waiting to come back to the U.S. stock market? Image: Gavekal, Macrobond

Commodities – Commodity Index Recoveries Through Every Business Cycle This is the quickest recovery in commodities since 1914. Image: Deutsche Bank

Scenario Analysis Around Baseline S&P 500 Price Target Goldman Sachs’s baseline forecast for the S&P 500 at the end of 2022 is 4,900. Image: Goldman Sachs Global Investment Research

Tech – Market Capitalization of Global Sectors Will technology’s market capitalization continue to outpace banks and energy? Image: Goldman Sachs Global Investment Research

Sentiment – AAII Bull Readings vs. Cumulative 8wk Equity Flows Investor sentiment has fallen to the lowest level since August 2020, which is contrarian bullish. Image: BofA Global Investment Strategy

Asia Pacific EPS Growth Forecasts after the Fed Starts Tightening Equity markets in Asia tend to decline in the 12 months following the start of Fed tightening. Image: BofA Global Quantitative Strategy

Global 10-Year Sovereign Bond Breadth Will global 10-year sovereign bond yields continue to rise? Image: Topdown Charts

Buybacks – Annualized Performance Buybacks at high valuations might destroy shareholder value. Image: BofA US Equity & Quant Strategy