Morgan Stanley says stocks are pricing in a 'no landing' scenario. How to play it

Forget a "soft landing." Morgan Stanley thinks stocks are positioning for economic growth to stay robust. Strategist Michael Wilson said in a note Monday that the market is positioning for a "no landing" scenario given the broader participation seen in the S & P 500's run to record highs recently. A no landing scenario means the economy will continue chugging along despite higher Federal Reserve rates.

Industrials and materials are up 10% and 8%, respectively. This market broadening outside of technology stocks comes as crude prices reach levels not seen since October. On top of that, the ISM manufacturing PMI reached expansion territory for the first time in more than a year. How to play it Wilson reiterated his overweight stance on energy, noting it has "fundamental and commodity support.

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