Morgan Stanley's Wilson warns that the stock rally is a "bear market" rally. He points to several factors that support his point of view:

    Weak earnings revisions: Wilson notes that company earnings expectations are not being updated in a positive direction, indicating possible problems in the economy.

    Weak macroeconomic data: Wilson notes that macroeconomic data is also unimpressive. This may indicate that the economy is not developing as expected and could have a negative impact on the stock market.

    Lack of technical and fundamental support: Wilson also notes that there are no strong technical and fundamental signals in the market that would support the stock's growth. This may indicate that the increase is temporary and unsustainable.

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