Alexander Ineichen works in Zurich and must do nothing but crunch numbers 24 hours a day. He regularly turns out his Momentum Monitor on everything that moves in the financial world. For all the new subscribers, I post it to OMS every now and then because it is worth it to click through the pages to whatever piques your interest. You find out with his color coding that something is moving up and down all the time somewhere in the world and sometimes those moves seem to be together. This is just a wonderful tool to get a snapshot of what is happening all over the world. He usually adds a bit of odd trivia at the end. Today he points at that just Microsoft and Apple stock valuations are almost exactly equal to ALL the stocks in the MSCI Nordic Indexes.

Speed read – New summary page (page 2). Expectations in Germany rise strongly. (page 36) French upticking. (page 40)
Slow read – Earnings sector comparison  (page 11). The writing is on the wall for European bonds. (page 74) Impact of oil fall on stock market performance. (page 88)
Summary – Over a three month period, nearly everything has worsened. (page 2)
Changes – Since our last update, the changes were positively biased. (page 3)
Top-down – Economic momentum has stopped falling. (page 4)The world is “recessionary” based on a quarterly global economic climate survey. (page 6) Leading indicators are stalling. (page 9)
Earnings – We’re in what some call an “earnings recession” as earnings estimates have been falling since August. (page 10)
PMIs – The majority of the PMIs are above 50. However, at the margin, the PMIs are falling. (pages 12-14)
Business sentiment – peaked in April, fell to October and reversed in November. (page 15)
Consumer sentiment – peaked in June and fell continuously to November. Sentiment could now be in  process of reversing. (page 16)
Relative valuation – The US vs Europe comparison is at an extreme. (page 19) The S&P 500 has upside when measured against oil (page 28). The DAX is at an extreme relative to the CAC. (page 42)
Hedge funds – CTAs are shooting the lights out. (page 77)
Flation risk – CPI inflation seems to have reversed and is now rising. (page 78)
Financial risk – Financial risk is rising, generally. (page 82)
Sovereign risk – ditto. (page 83)
New – Summary page 2.
New – IFO’s world survey on economic climate and expectations. (page 6)
New – Summary page of 139 PMI indicators. (page 14)
New – Change in EPS where not only the change itself but the meaningfulness of the change is also visible. (page 11)
New – Recession probability: USA vs Europe. (page 25)
PR – MSCI World returns when our model is rising and when it is falling. (page 90)
Trivia – 16% of active managers outperform. (page 89)
Trivia – Apple + Microsoft = $1tr = MSCI Nordic (page 91)