Category: Blog

VIX Level and S&P 500 New Highs The VIX level when the S&P 500 reached new highs for the first time is rising. Image: Goldman Sachs Global Investment Research

Valuation – S&P 500 Deviation From Long-Term Moving Average Interesting chart showing that the S&P 500 is currently more than 15% above its 3-year moving average. Image: Real Investment Advice

Bull Market – U.S. Stocks-to-Bonds Ratio Chart showing the bull market in the U.S. stocks-to-bonds ratio. So far, the long-term support has held well. Image: BCA Research

S&P 500 Equity Risk Premium: Earnings Yield Minus 10-Year Treasury Yield Chart suggesting that the S&P 500 equity risk premium looks attractive. Image: Truist

Valuation – Commodity Prices Relative to S&P 500 Chart suggesting that commodity prices have never been more depressed relative to stocks, since the late 90’s. Image: U.S. Global Investors

Global Growth and U.S. 10-Year Treasury Yields Chart suggesting that global growth steers U.S. 10-year treasury yields. Image: Arbor Research & Trading LLC

U.S. Manufacturing and Services Value Added in Percentage of U.S. GDP U.S. manufacturing has decreased over the past decades and is now more than five times smaller than the service sector. Image: Macrobond

Valuation – Value vs. Momentum Stocks Chart suggesting that value stocks are currently very cheap vs. momentum stocks. The relative forward P/E of value vs. momentum is at two standard deviations below the average. Image: BofA Merrill Lynch US Equity & Quant Strategy

S&P 500 Next Twelve Month Equity Risk Premium Chart suggesting that the S&P 500 NTM equity risk premium remains well above its long-term average. Image: Morgan Stanley Research

U.S. Buybacks – Quarterly Share Repurchases by S&P 500 Companies CEOs are worried about the economy and U.S. companies are spending less on stock buybacks, amid the trade war. Image: Financial Times

Where Do State Tax Revenues Come From? The most important category of revenue is individual income, followed by general sales. Income taxes paid by corporations rank fourth. Image: howmuch.net