Top 5 Charts of the Day – June 20th, 2020

US companies have become more independent of banks in financing since the 2008 financial crisis. The situation is quite different in Europe. 80% of corporate financing comes from banks. (Chart via DB) pic.twitter.com/TnIxG22bPE

— Holger Zschaepitz (@Schuldensuehner) June 20, 2020

This is a KILLER chart, showing how technology companies are churning out money at a pace that every other industry combined cannot match. pic.twitter.com/9CWjYLwfwJ

— Robin Wigglesworth (@RobinWigg) June 19, 2020

The #Nasdaq #Biotechnology Index reached a record on Friday, once again giving the 207-member equity gauge the performance edge over the broader Nasdaq Composite Index – Bloomberg pic.twitter.com/YKS4kik12O

— Christophe Barraud (@C_Barraud) June 20, 2020

NASDAQ 100 / S&P 500 ratio is *HIGHER* than where it was at the top of the dot-com bubble!

Also, the ratio's monthly RSI right now can only be matched by 3 other months in history:

December 1999-February 2000 (peak of the dot-com bubble) pic.twitter.com/vCKHBJ4oH7

— Troy Bombardia (@bullmarketsco) June 20, 2020

"Instead, through the Fed’s actions, the correction was halted, and the “clearing process” was not allowed to occur. The outcome has been even higher levels of corporate leverage, and valuations remain grossly elevated on many different levels."https://t.co/deEEdtEPbn pic.twitter.com/Jtf6mFzZKW

— Lance Roberts (@LanceRoberts) June 20, 2020