U.S. Seaborne Imports of Crude Oil by Origin The United States is also less dependent on foreign oil supply than it was a decade ago. Image: Financial Times

World Trade and Copper Chart suggesting that any improvement in world trade should benefit copper. Image: BofA Global Research

U.S. Dollar and Trump Job Approval Poll Average (Leading Indicator) This chart suggests that the U.S. dollar could rise, if it continues to track Trump’s approval rating. Image: Jeffrey Kleintop

U.S. ISM Manufacturing and Non-Manufacturing PMI Chart suggesting that ISM indices imply a slowdown rather than a recession. Image: BofA Global Research

Global Valuation Map This chart shows global valuation estimates across various countries, and suggests that the U.S. stock market is overvalued by +4%. Image: Morningstar Research

% Positive All Commodities Commodities are back in a big way. The % of commodities producing positive year-over-year returns has jumped to 55%. Image: Arbor Research & Trading LLC

S&P 500 Total Returns in Years After 30%-plus Gains Since 1950, when the S&P 500 Total Return has been up more than 30%, it was up nearly 15% on average in the following year and…

U.S. Real Yields and Gold (Leading Indicator) Chart suggesting that real yields could fall further, either through lower rates or higher inflation expectations. Image: Bloomberg

S&P 500 Valuation Ranking On a P/E basis, the S&P 500 Index is now valued at the 88th percentile vs. 28th percentile a year ago. Image: Fidelity Investments

U.S. Election – Presidential Cycle and Average S&P 500 Return since 1872 Since 1872, the S&P500 index has averaged 6.2% during an election year, and 9.6% on average if a Republican wins. Image: Jefferies

U.S. Recession Probability Based on 29 Macro and Market Factors The U.S. recession probability is still below its average 6 months prior to the past 9 recessions. Image: Pictet Asset Management