S&P 500 Earnings Revisions Breadth and S&P 500 YoY Performance Morgan Stanley points out that S&P performance doesn’t match revisions. Image: Morgan Stanley Research

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:…

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

S&P 500 and U.S. Initial Jobless Claims So far, the correlation between the S&P 500 and initial jobless claims has worked well for years. Image: UBS

Philadelphia Fed Business Outlook Survey Leads U.S. Real GDP Growth Chart suggesting that the Philadelphia Fed business outlook survey leads U.S. real GDP by 3 months. Image: Morgan Stanley Research