Morgan Stanley has called time on the sharemarket’s ascent, recommending that investors book profits now before aAfter correctly predicting the so-called bear market rally, which has swept across Wall Street over the past six weeks, chief investment officer Michael Wilson said the broker had turned into a seller again.
Morgan Stanley expects the SP 500 to resume its downward trend imminently after the benchmark breached its 200-day moving average last week, which Mr Wilson labelled as “the perfect bull trap”.The call marks a shift from Mr Wilson’s view as recently as last week, when he projected the rebound in stocks could continue into December before weaker corporate profits pressure share prices early next year.
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