One of Wall Street's top bulls just circulated this fantastic presentation on the markets
Bond yields have spiked in recent weeks ...
... but the 10-year treasury yield is historically low.
Bond prices are not likely to stay high for longer.
A rise in inflation will be followed by wage growth.
Healthcare is leading S&P 500 returns year-to-date ...
... and on the Russell Indexes, growth stocks have outperformed value stocks.
Volatility is relatively low compared to not-so-distant spikes.
Biotechs have zigzagged but are climbing higher ...
... and social media stocks have fallen in recent weeks.
Cyclicals are at or near full valuation ...
... and defensive stock valuations have increased.
The last rate hike cycle did not end the rally in stocks.
Energy stocks returned more than every other sector during the last rate hike cycle.
The Nasdaq has outperformed its peers year-to-date.
Consumer Discretionary stocks have led the MSCI EAFE Index year-to-date.
European stocks are attractive.
The dollar is stronger and the euro is weaker.
The jobs market is solid and wages are growing.
Consumer discretionary is leading the MSCI EAFE Index.
Auto sales are strong ...
... and manufacturing has not slipped into contraction for at least a year.
Commodity prices have changed drastically this year compared to last year.
Gas prices fell with oil prices, and were a boost to consumer savings.
Oil prices are slowly recovering after crashing nearly 60%.
US oil production continues to surge.
Gold prices have been going nowhere ...
... but it paid to hold gold over the last ten years.
Many hedge fund strategies have underperformed the S&P 500 this year, and for the past 10 years.
Bonds and gold are not positively correlated.
The story of the economy turned around within a few weeks ...
... and Stoltzfus forecasts stocks will continue to rally.
The bond god had a presentation this week, too ...
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