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CMO_03.30_Ex2
An arrow on dial with a scale of zero to 10 illustrates the reading of the BofA Bull & Bear Indicator, which is at zero, the most bearish reading. An accompanying table lists scores for the six components of the indicator and their status ranging from very bearish to very bullish as follows:
• Hedge fund positioning, 26%, bearish
• Credit market technicals, 3%, very bearish
• Equity market breadth, 5%, very bearish
• Equity flows, 42%, neutral
• Bond flows, 2%, very bearish
• Long-only positioning, 29%, bearish
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NedDavis_Chart_v3
A scatter plot compares 35 past bear markets and the current one on the basis of the percentage loss and duration in market days. The bear markets are color-coded as independent of a recession or coinciding with a recession. The percentage losses range from about 12% in 1953 to about 85% in 1932. The durations range from just under 25 days in 1998 to almost 800 market days in 1942. The means for all bear markets are a 30.9% loss and a duration of 307 market days. The current bear market seems of a typical level of loss at a little less than 30% but the second-fastest at about 25 market days. The means for bear markets independent of recessions are a 25.0% loss and a duration of 200 market days. The means for bear markets coinciding with a recession are a 34.5% loss and a duration of 369 market days.
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A line traces the average of China’s manufacturing and nonmanufacturing Purchasing Managers' Surveys since 2007, showing an almost immediate and complete recovery from a recent plunge.
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A line traces the value of the Bloomberg Dollar Spot Index since 2007, showing it at the highest level of the period.
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ISO_Apr2020_Ex14
Lines trace the option-adjusted spreads for high yield debt and for investment grade debt since 1999, showing both at their highest levels for the period outside the 2008 financial crisis.
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ISO_Apr2020_Ex7
A line traces the yield on 10-year AAA municipal securities as a percentage of the comparable Treasury note yield since 2001, showing the measure recently at about 250%, well above the previous high for the period of about 200% during the Financial Crisis.
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FIST_Mar20_Ex1
Vertical bars compare the percentage declines in equity indexes for selected industries and regions since the S&P 500’s peak on February 19 as follows:
• Hotels, resorts and cruise lines, a little more than 50%
• Casinos and gaming, 50%
• Restaurants, a little less than 30%
• Transports, a little less than 30%
• Semis, a little more than 20%
• Retailing, about 20%
• Italy, a little more than 30%
• U.S. small caps, a little more than 30%
• Europe, a little less than 30%
• U.S. (S&P 500), about 25%
• Emerging markets, a little more than 20%
• Korea, a little more than 20%
• Taiwan, a little less than 20%
• Japan, a little less than 20%
• China, a little more than 5%
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ISO_Apr2020_Ex14
A line traces the BofA Bull & Bear Indicator reading since 2002 showing frequent large movements across much of its range of zero to 10 leading up to its current reading of zero, the 11th time it’s reached that depth during the period.
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FIST_Mar20_Ex1
Vertical bars show the probability of negative returns for equities when they’re held for varying periods of time, with the probability falling the longer they are held as follows:
• One day, about 45%
• One month, a little less than 40%
• One quarter, a little more than 30%
• One year, a little more than 25%
• Three years, about 15%
• Five years, about 10%
• 10 years, about 5%
• 20 years, 0%
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