S&P 500 Performance and Risk Appetite Indicator Good news for the bulls: Goldman Sachs’s Risk Appetite Indicator broke above 1.0 last week, a bullish signal that has historically lined up with roughly 15% median gains…
Commodities vs. 50/50 S&P 500 and U.S. Treasuries Commodities remain undervalued relative to U.S. stocks and bonds, offering room for strategic allocations that enhance portfolio balance. Image: Bloomberg
Gold Prices in Real Terms Gold’s real price is sky-high right now. It’s a very different story from the dot-com boom, when investors piled into tech and gold fell out of favor almost overnight. Image:…
Cumulative Gold Demand – Gold ETF vs. Central Banks Amid macro conditions, currency moves, and rising geopolitical tension, gold’s rally gathered pace in 2025 as central banks began competing with private investors for scarce bullion.…
New York Fed GDP Nowcast The New York Fed nudged its Q1 2026 U.S. GDP Nowcast slightly lower to 2.73% from 2.75% a week earlier, keeping the steady expansion narrative alive. Image: Federal Reserve Bank…
Bond Volatility – MOVE Index Rate volatility in the U.S. continues to fade, with the MOVE index back to 2021 levels as investors double down on steady growth and a resilient labor market. Image: The…
Market-Implied U.S. Recession Probability With the market pricing a 16% chance of a U.S. recession in the next 12 months, recession risk remains modest and broadly in line with a moderate-risk environment. Image: Goldman Sachs…
U.S. Equity Index Valuations vs. History The S&P SmallCap 600’s forward P/E of 16x looks attractive by historical standards, while the S&P 500’s 22x forward multiple, sitting in the 94th percentile, paints a very different…
U.S. New Private Housing Units Authorized by Building Permits and Recessions In October, U.S. building permits declined to 1.411 million. Historically, building permits tend to peak and then decline prior to economic recessions Image: Federal…
S&P 500 Index and Technical Score With a reading of 74.58, the S&P 500 has continued to consolidate. Some weakness wouldn’t surprise anyone, but the broader tone still gives bulls the upper hand. Image: Real…
Discretionary vs. Systematic Equity Positioning With systematic strategies solidly in the 79th percentile and discretionary investors only edging above neutral at the 58th percentile, the setup still favors more upside. Image: Deutsche Bank Asset Allocation