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Page 819 of 3385Charts of the Week
Stock Sentiment Hits Its Most Bullish Since 1986
January 17, 2018
The green line in the chart below shows equity newsletter writers surveyed by Investors Intelligence are more bullish than any time since 1986. Conversely, the red line shows only 13% of respondents are still bearish on stocks. Consensus Inc., which surveys over 100 futures traders and newsletter writers, corroborates this extreme level of bullishness.
Charts of the Week
Equities at Extreme Relative to USTs
January 17, 2018
The chart below shows reward-to-risk ratios (average daily return / standard deviation) for major asset classes. The spread between risk-adjusted returns by equities versus U.S. Treasuries has seldom been this wide.
Charts of the Week
Gold ETF Investors Still Fading Strength
January 17, 2018
Gold ETF investors continue to fade this rally. We noted that investors in gold-related ETFs were selling into strength back on December 26. This appears to be continuing, even as gold has managed to rally over 7% since December 11. The chat below shows total assets in gold-related ETFs on U.S. exchanges (top panel) and… Continue reading Gold ETF Investors Still Fading Strength
Charts of the Week
Markets Acknowledging More Hawkish Central Banks
January 17, 2018
Financial markets are pricing in a total of 9.3 rate hikes by the Fed, BoE, BoC, ECB, and RBA in 2018. Will the ECB drive expectations over 10 hikes in the months to come?
Charts of the Week
Shifting Landscape for Cryptocurrencies
January 17, 2018
This week’s collapse has sent shockwaves through the cryptocurrency space. The chart below shows market caps for the top five cryptocurrencies using data from coinmarketcap.com. Our last update was on January first, and the landscape has shifted violently since then. Bitcoin’s market cap dropped -16.3% to $175 billion, which sounds dramatic until you survey the rest… Continue reading Shifting Landscape for Cryptocurrencies
Charts of the Week
Hedging Against Uncertainty: Bitcoin vs. Gold
January 17, 2018
We have commented on crypto’s growing use as an investment/hedge AND stronger connection to uncertainty/risks over gold. But, these impact of crypto on gold volumes is difficult to determine. Overall volumes on the COMEX have grown over the past two years. The chart below shows how financial media have been discussing cryptocurrencies like Bitcoin and… Continue reading Hedging Against Uncertainty: Bitcoin vs. Gold
Charts of the Week
Trump’s Approval Rating
January 17, 2018
The chart below shows a rolling 5-day average of Trump’s approval rating using all polls available since inauguration day. Note the bounce since December 17. This coincides with the passage and eventual signing of the tax reform bill. The next chart shows Gallup’s approval ratings for selected Presidents back to Roosevelt. Trump’s approval is shown in… Continue reading Trump’s Approval Rating
Charts of the Week
Stock Returns Since Trump Took Office
January 17, 2018
All major stock indices are up since Trump took office. Both the DJIA and NASDAQ are up over 30%, the S&P 500 is up 25% and the Russell 2000 is up 18%. Growth stocks have outperformed value stocks over this period. For additional returns, see the interactive chart below.
Charts of the Week
Bond Returns Since Trump Took Office
January 17, 2018
The Bloomberg Treasury Index is up 1.60% since Trump took office on January 20, 2017. The Bloomberg High Yield Index is up 7.16% since Trump took office. To view additional fixed income returns, see the interactive chart below.
Charts of the Week
Commodity Returns Since Trump Took Office
January 17, 2018
Commodities are up 1.08% since Trump took office. The softs commodity sub-group has fared the worst, down nearly 24%. The energy sub-group is up 4.54%. To view additional commodity sub-group returns, see the interactive chart below.
Newsclips
Renewed Risk-On Favors Growth, International Equities
January 17, 2018
After a close encounter with a shift toward risk-off flows over the holidays, BofA Merrill Lynch's Global Flow index is showing renewed risk-on flows.