What a difference a year can make:
* The VIX was 50, not 17.
* The yield on the 10-year Treasury note was 2.9%, not 3.7%.
* The budget deficit was $900 billion, not $1.5 trillion.
* Baa spreads were 540bps and tightening, not 260bps and widening.
* The market was 20% ‘cheap’ as per Shiller P/E ratio, not 25% overvalued.
* Oil was at $47/bbl, not $82/bbl.
* Equity PM cash ratios were at 5.5%, not 3.6%.
* Market Vane bullish sentiment was at 32%, not 53%.
* Real GDP was -6.4%, not +5.9%; and the ISM was 36, not 57.
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