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‘I did not expect us to be at all-time highs by April’, says Morgan Stanley’s Wilson as stock market pops

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Stocks in 2019 have thus far befuddled Michael Wilson, with the S&P 500 and Nasdaq Composite breaking out above their closing records in Tuesday trade.

The star Morgan Stanley strategist who accurately predicted the 2018 correction appeared to be adopting a more bullish tilt as his calls for a “rolling-bear market” this year have so far failed to pan out.

To some observers, it might sound as if the prominent market bear is throwing in the proverbial towel. Since the three main indexes put in their lows on Dec. 24, the Nasdaq has climbed 31%, the Dow has gained 22.4%, while the S&P 500 has gained nearly 25%. Notable, is the fact that the burden of the move thus far in 2019 has been equally shouldered by industrials XLI, +0.85% consumer-discretionary XLY, +1.25% financials XLF, +0.55% and communications XLC, +1.47% and technology XLK, +1.05% all of which are up by 20% or better.

“I have to respect my fundamental work…and also respect my model,” though he said that the current state of the market feels more akin to a “secular bull” rally than a rolling bear.

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No one did expect maybe Tom Lee

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