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A Bird's Eye View Blog

Fireside Charts: Hours of Work Necessary to Buy S&P 500, an Update on the U.S. Dollar, the Losing Streak Continues for Global PMI

By:BCM Investment Team | Date:May06, 2019 | Category: Equity, Economics, Market Highlights, Fireside Charts

How many hours of work are needed to buy the S&P 500? As of the most recent data, 126.37 hours at 23.31/hr is needed. What about compared to the amount of working hours to buy gold, or buy a barrel of oil? Next, the dollar continues to crush its growing trend. Corporate guidance is still worsening as U.S. CEOs have skeptical outlooks despite near-record earnings. This skepticism will not let up if U.S.-China trade fears still exist. Finally, this has been the longest losing streak for the global PMI.

  

1. Forget P/E ratios and all the other industry measures... How expensive is the market to the average worker?

 

5.6 chart 1

Source: Thechartstore.com, as of 5/6/19

 

 

2. ...Versus gold...

 

5.6 chart 2

 Source: Thechartstore.com, as of 5/6/19

 

 

3. Versus oil...

5.6 chart 3

 Source: WSJ Daily Shot, as of 5/1/19

 

  

4. The USD keeps grinding higher...

 

5.6 chart 4

Source: Thechartstore.com, as of 5/6/19

  

 

5. How healthy is the U.S. manufacturing sector?

 

5.6 chart 5

 Source: Institute for Supply Management, as of 5/6/19

 

 

6. Suddenly the trade deal with China is in serious doubt with more tariffs threatened against China. The markets typically abhor uncertainty...


5.6 chart 6
Source: WSJ Daily Shot, as of 5/1/19

 

   

7. Certainly any new tariffs will not help...

5.6 chart 7

Source: WSJ Daily Shot, as of 5/1/19

 

2019 has seen the longest losing streak for Global PMI (business activity). On Friday, we shared a chart on we are currently experiencing the worst decline in trade volumes since the 2008-2009 recession. If you missed our Friday post, be sure to check it out to be fully informed going into a new week.

  

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Disclosure: The charts and info-graphics contained in this blog are typically based on data obtained from 3rd parties and are believed to be accurate. The commentary included is the opinion of the author and subject to change at any time. Any reference to specific securities or investments are for illustrative purposes only and are not intended as investment advice nor are a recommendation to take any action. Individual securities mentioned may be held in client accounts.