Top 5 Charts of the Day – November 20th 2020

20 November, 2020

The world’s stock of negative-yielding debt climbed to a record $17.1 trillion as pandemic-spurred economic damage and monetary stimulus continued to grip bond investors even as news of progress on a vaccine lifted equity markets – Bloomberg pic.twitter.com/hiiQ8JtFDK
— Christophe Barraud (@C_Barraud) November 20, 2020

B of A: “Sell the vaccine: we say credit & equity prices to peak in coming months on peak positioning, peak policy, peak profits as optimism tops ahead of vaccine distribution (analog is US tax cuts in 2018); investor feedback unambiguously "it's too early to sell.” [Hartnett] pic.twitter.com/r2kmIGULa5
— Carl Quintanilla (@carlquintanilla) November 20, 2020

There are no bears left: short interest is record low pic.twitter.com/TQe2cWxLvV
— zerohedge (@zerohedge) November 20, 2020

Hedge fund net and gross exposure is record high pic.twitter.com/2o0Adx9o1n
— zerohedge (@zerohedge) November 20, 2020

The % of MSCI World stocks beating the index YoY is up to 39%.
The last 2X we fell to 32% before working higher was in May ‘99 & Mar ‘08.
An extreme narrowing of breadth usually occurs around mkt tops.
Add current valuations to the mix, & things look a lot like the early 00’s. pic.twitter.com/7m2P7jZYUu
— Julien Bittel, CFA (@BittelJulien) November 20, 2020