U.S. Stock Market Breadth The US stock market breadth is improving and continues to drive stocks higher. Image: Fidelity Investments

MSCI Europe Relative to S&P 500 The relative range between the MSCI Europe Index and the S&P 500 has been broken since the European financial crisis. Since 2011, European equities have underperformed the U.S. at…

S&P 500 Average Return in December Historically, the S&P 500 has done well in the second half of December. Image: LPL Research

Valuation – The Largest Stock in the S&P 500 At current level, Apple is the largest publicly traded U.S. stock. Image: Bianco Research

What Happens The Year After The S&P 500 Gains More Than 30% (Total Return) Historically, the chart shows that the following year has been higher 10 of 12 times and the average return is 15.2%.…

BofA Fund Managers Sentiment vs. MSCI ACWI TR Fund managers are euphoric about the future state of the global economy, but the chart suggests that the euphoria has not yet reached the warning zone. Image:…

U.S. Buybacks and Buyback Yield Buybacks are expected to slow to $625bn in 2020, while providing robust yields. Image: Wells Fargo Investment Institute

State and Private Enterprise Default Rate in China The default rate for private Chinese companies has reached a record high at 4.9% vs. 0.6% in 2014. Image: Financial Times

Flows into ETFs and Mutual Funds (Passive vs. Active) Mutual funds exhibit persistent outflows explained by aging and fees, while inflows into ETFs continue to rise. Image: Arbor Research & Trading LLC

S&P 500 Returns, Deconstructed Chart showing that the U.S. stock market is back in its pre-2018 trendline. Image: Fidelity Investments

Performance: MSCI World Banks Index Relative to MSCI World Index Chart showing the terrible performance of banks all around the world since the Great Financial Crisis. Image: Gavekal, Macrobond