Morgan Stanley on stocks, say excitement, buying happening at an “inopportune” time | Forexlive

Morgan Stanley analysts have been sternly disapproving of the bull move for stocks for, well, it seems like forever.

And still are. From a Tuesday note:

• “Investor sentiment and positioning has turned 180 degrees at an
  inopportune time, in our view”

MS cite concerns that contribute to their “2H23 caution” as:

• fading fiscal support
• less liquidity
• the impact of
  inflation falling faster than expected … “We see risk
  that lower prices translate to falling revenue growth over the next 4
  months. Declining import/export prices are telling us the same
  thing”

And, also:

• “We find it
  hard to get on board with the current excitement and narrative
  supporting it. While breadth has stabilized, it remains far from
  supportive of higher prices”

—

MS do seem rusted on to the bear view. they do make some valid points. But stocks have shrugged these off this year.