Stock market rally can keep going, says Morgan Stanley strategist who only recently warned of a death zone
In a new note, the strategist points out how the S&P 500 “survived a crucial test of support” last week by staying above the widely-watched 200-day moving average.
Stocks could see some further gains in the short term if the dollar and interest rates continue to pull back, he said.
“While this is an unequivocal positive in the short term, we believe it does not refute the very poor risk reward currently offered by many stocks given valuations and earnings forecasts that remain way too high, in our view,” he said.
MarketWatch 6 March 2023
Investors have pushed stocks into the death zone
Warns Morgan Stanley’s Mike Wilson
MarketWatch 20 February 2023
https://englundmacro.blogspot.com/2023/02/investors-have-pushed-stocks-into-death.html
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