Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:


Dave: Right on cue, investors are finally turning bullish…after stocks stage a significant rally


Source: AAII as of 06.16.2023


Dave: though their bearishness was right in line with most of Wall Street


 Data as of May 2023


Dave: Outside of megacap tech, valuations aren’t so crazy


Data as of May 2023


Brad: and holders of the broader market of stocks are hoping for at least some restoration of historical norms


Data as of 05.31.2023


Dave: especially those holding boring old dividend-payers 


Source: Strategas as of 06.21.2023


Dave: Home inventory is super-tight, with few willing to give up their existing mortgage


Data as of June 2023


Dave: which would normally lead to bidding wars if not for the historically high cost to buy


 Source: Strategas as of 06.20.2023


John Luke: The Bank of England is back on the offensive to fight persistent inflation


Data as of 06.20.2023


Beckham: and even historically deflationary Japan is seeing inflation on the rise


 Data as of 06.20.2023


Brad: We’ve not had many examples of sustained equity rallies with inverted yield curves


Source: Strategas as of 06.16.2023


Joseph: and the reward/risk of soft landing vs. recession is seen as pretty unfavorable by much of Wall Street



Dave: Recession or not, stocks are pricing in solid but not spectacular earnings coming out of the recent weakness


Data as of 06.20.23


John Luke: which seems a minimum requirement given the lack of equity risk premium currently available to investors


Data as of 06.16.2023


Mark: This year’s market has been different from recent years, with most of the gains occurring during trading hours not overnight


Source: Raymond James as of 06.20.2023





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