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Boring is back

The Market Ear Picture

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Stuck in the middle (#1)

Citi's US economic surprise index looking fairly neutral at present.

Source: Refinitiv

Stuck in the middle (#2)

GS bull/bear indicator.

Source: GS

Stuck in the middle (#3)

Risk appetite indicator level and momentum factors.

Source: Goldman

Stuck in the middle (#4)

Average percentile of sentiment indicators.

Source: Haver

Stuck in the middle (#5)

Even defensives vs overall market (in terms of valuation) is right on or close to the long term average.

Source: Datastream

Stuck in the middle (#6)

BofA Bull & Bear Indicator since 2002.

Source: BofA

Stuck in the middle (#7)

Macro hedge fund equity beta.

Source: JPM

Stuck in the middle (#8)

Also some measures of valuation...EY-BY gap is staying as flat as before...

Source: JPM

Stuck in the middle (#9)

VIX is not cheap enough to buy (yet) nor expensive enough to sell...

Source: Refinitiv
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