Top 5 Charts of the Day – November 22nd 2020

6. Most insto investors expect stocks to go higher …big turnaround in sentiment vs earlier in the year.

(Evercore ISI survey of 303 institutional investors)

h/t @matthew_miskin pic.twitter.com/SVwJLHI5q1

— Callum Thomas (@Callum_Thomas) November 21, 2020

To set the record straight:

The median earnings yield for the tech sector is near March 2000 levels.

Investors focusing on market cap weighted measurements are completely missing the full picture.

Valuations are truly historic for these high-flying stocks. pic.twitter.com/Gt6ZasgTli

— Otavio (Tavi) Costa (@TaviCosta) November 22, 2020

"We See Vulnerability": JPMorgan Estimates Up To $310 Billion In Forced Selling By Year-End https://t.co/gVArvxkd5N

— zerohedge (@zerohedge) November 21, 2020

Equity Futures traders have cut exposure aggressively – even as $SPX broke to new highs.

The 3-week positioning change is one of the most negative in history – only seen at bottoms, and once when the market was at a high (2017). pic.twitter.com/Hk1HTIRCmF

— Macro Charts (@MacroCharts) November 21, 2020

Potential GDP captures the medium-term productive capacity of an economy, i.e. the labor force & capital stock. So it's not clear why IMF potential GDP (blue) in 2020 falls -6.2% for Italy, -2.5% for Spain, -4.5% for Portugal and -0.6% for Greece? #CANOO @heimbergecon @adam_tooze pic.twitter.com/APjUysOXy8

— Robin Brooks (@RobinBrooksIIF) November 22, 2020