Mike Wilson, Morgan Stanley's chief US equity strategist, says it's time for investors to position themselves for the end of the economic cycle as corporate earnings weaken.
Investors have piled into a small number of positions while waiting to find out if stocks are likely to rally or fall further, Wilson wrote. He says that crowding means risks are rising.
Still, he said market bears were going to be disappointed because a steep immediate drop in the broad S&P 500 index is unlikely.
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