from Zero Hedge
Earlier this year, Morgan Stanley’s Michael Wilson was the first sellside strategist to turn aggressively bullish on the market, after correctly holding on to a contrarian bearish bet for the prior year, expecting that the flood of central bank liquidity and incipient reflation would push stocks to all time highs. Not long after, one by one his Wall Steet peers jumped onboard the bullish train which earlier today hit a new all time high when the S&P rose above 3,400 for the first time, printing at 3,425.
Which is why we read with interest Wilson’s Monday Morning note, in which the strategist who has demonstrated an uncanny ability to spot market inflection points warned that the collapsing market breadth is becoming a major concern for the market, and that while an entire market defined by just one stock – Apple – won’t derail the new bull market “we do think it’s a precursor to the first tradable correction, which could begin imminently.”