12-month momentum positive for Brent and US Treasury yields now

U-turn by the Fed and "taper tantrum" unlikely for the time being

Option markets euphoric for single stocks, sceptical for overall market

A new all-time high is rarely the end of the road

Mixed performance picture in 2020

VIX below 20 would further boost demand for shares

Some assets up in 2020, others with catch-up potential