Category: Blog

Flows – IG Bond Funds/ETFs and Prime Money Market Funds From record outflows to large inflows, the Fed has solved the liquidity crisis so far. Image: BofA Global Research

S&P 500 Max Drawdown in Recession and % of Drawdown Recovered by Recession End The S&P 500 recovery is the second most recovery of all recessions since 1929, even if the current recession ended today. Image: BofA Global Research

Global Recession Could the global recession last a long time? Image: Oxford Economics

U.S. Housing Sales U.S. housing sales are recovering from coronavirus, as builders have been reporting stronger demand. Image: Gavekal, Macrobond

Citi Economic Surprise Index and 10-Year Treasury Note Yield Are bonds risky? The Citi Economic Surprise Index suggests that bond yields could rise. Image: Renaissance Macro Research

Mega-Cap Growth Stocks vs. S&P 500 This chart highlights the outperformance YTD of mega-cap growth stocks vs. the S&P 500. Image: Deutsche Bank Asset Allocation

Cash as % of U.S. Equity Market Capitalization Investors are confused, as there is a lot of cash on the sideline, despite the market rally. Image: Alpine Macro

Emerging Markets – Cross-Border Flows Chart showing the revival of emerging market equities and bonds from record outflows in March. Image: Financial Times

Weekly S&P 500 GICS Level 1 Sector Breadth This bullish chart shows that the S&P 500 GICs level 1 sector breadth moved above five, confirming the 2020 market rally. Image: BofA Global Research

Valuation – Commodities Relative to the Dow Jones Commodities relative to the Dow Jones are trading at the lowest valuation level since the mid-1960s. Image: Incrementum

S&P 500 Price Return vs. 2021 EPS Revisions This chart highlights the positive correlation between price return and 2021 earnings revisions. Image: Goldman Sachs Global Investment Research