As of the first quarter this year, ratio of S&P 500’s market cap to nominal GDP spiked to highest since end of 2021 pic.twitter.com/ieovbg0NgG

Rolling 60-day correlation between S&P 500 and Bloomberg Commodity Spot Index has slipped further into negative territory pic.twitter.com/CQJghTWbD1

Interest rates matter, especially rising rates when the stocks/bonds correlation is positive. So far, the 10-year yield has once again risen to the stock market’s “uncle” point, and this has happened without a rise in the term premium. The last time bond yields caused stocks to… pic.twitter.com/UEe53yrs5D

In my view, the stock market remains in both a cyclical and secular bull market. Based on the median cyclical bull market (which has produced a 90% rally over 30 months), we are only in the 4th or 5th inning, but compared to the shorter bull markets that were produced during the… pic.twitter.com/UloqXydujn