Category: Blog

Gold Minus Oil Annual Net Return This year saw the biggest gold outperformance vs. oil since 1980. Image: BofA Global Investment Strategy

Valuation – S&P 500, Nasdaq 100, S&P 400 MidCaps and S&P 600 SmallCaps without Quantitative Easing (QE) Chart suggesting that without QE, the S&P 500 should be around 1,800 and the Nasdaq 100 around 5,000. Image: Societe Generale Cross Asset Research

VIX (Volatility Index) vs. S&P 500 Valuation The S&P 500’s valuation tends to be higher when the VIX declines sharply. Image: Jeroen Blokland

Bitcoin – Price in U.S. Dollars Bitcoin is having a good year so far. Image: Financial Times

S&P 500, U.S. Bond Yields and Quantitative Easing (QE) Since QE, the S&P 500 has been increasingly driven by U.S. yields. Image: Societe Generale Cross Asset Research

S&P 500 Performance in Election Weeks This week, the S&P 500 has rallied for four days in a row. Image: CNBC

Valuation – S&P 500 Value/Growth and “Expected” Real 10-Year Lower interest rates for longer could support higher valuations of tech stocks. Image: Nordea and Macrobond

Quantitative Easing (QE) – Quarterly Pace of Central Bank Purchases Should investors worry about QE fading? Image: BofA Global Research

Copper to Gold Ratio vs. ISM Manufacturing PMI The ISM manufacturing PMI suggests a higher copper to gold ratio. Image: Alpine Macro

Global Aggregate Negative Yielding Debt The amount of global debt with negative yields jumps to $17.05 trillion, an all-time high, as investors rush to safety in government bonds. Image: Bloomberg

U.S. Labor Market – Continuing Claims for Unemployment Continuing claims declined for the sixth straight week, but the U.S. job market remains fragile. Image: Oxford Economics