Category: Blog

Performance – Cyclicals/Top 1000 Cyclicals are expected to underperform over the next quarter or two. Image: Morgan Stanley Research

Federal Reserve Balance Sheet as Percent of Total U.S. Market Capitalization Don’t fight the Fed? The Fed’s balance sheet could peak at US$9 trillion in 2022. Image: Lohman Econometrics

Inflation – CPI and Commodity Producer Price Index (PPI) Commodity prices have surged, suggesting further inflationary pressures. Image: J.P. Morgan Asset Management

Yields and Breakeven Inflation on 10-Year U.S. Treasuries Breakeven inflation seems to have peaked. Image: Gavekal, Macrobond

Gold to Copper Ratio The gold-to-copper ratio is a reliable barometer of global economic health. Image: Alpine Macro

S&P 500 and Recent Quadruple Witching Dates May quadruple witching spell some relief to U.S. stocks? Image: Fundstrat Global Advisors, LLC

6-Week Cumulative Flows to Tech Stocks Should investors continue to dump tech stocks in favor of cyclicals? Image: BofA Global Investment Strategy

Inflation – U.S. Headline CPI Expectation for the Next Five Years Market expectations for inflation for the next 5 years continue to fall, as investors see transitory inflation. Image: Arbor Research & Trading LLC

Correlation – CCC vs. BBB-rated U.S. Corporate Bonds Investors rush into junk bonds. Is it time to worry? Image: Arbor Research & Trading LLC

Valuation – U.S. 10-Year Real Yields and S&P 500 12-Month Forward P/E U.S. 10-year real yields help explain the stock market valuation. UBS targets 4400 for the S&P 500 for 2021. Image: UBS

Equity – FMS Global Equities Allocation Peak optimism? FMS global equities allocation remains at a high level. Image: BofA Global Fund Manager Survey