Welcome to Thoughts on the Market.

I'm Mike Wilson, Chief Investment Officer in Chief US Equity Strategies for Morgan Stanley.

Along with my colleagues bringing you a variety of perspectives, I'll be talking about the

latest trends in the financial marketplace.

It's Monday, April 5th at 11.30 a.m. in New York, so let's get after it.

After a long year, we finally appear to be on the cusp of reopening the economy and

getting our lives back to normal.

While living digitally has been an interesting experience, it's not a sustainable existence

in my view.

Even beings need real interaction with others to thrive.

As a result, people are excited to re-engage with many already pursuing normalcy where

they can.

Financial markets are excited too, with many stocks and other asset prices reflecting the

inevitable reopening that is now at our doorstep.

Stock markets are discounting machines.

In fact, they represent one of the best leading indicators for economic activity and company

performance that we track.

It's the reason why technical analysis is so important to our investment strategy process,

to ignore it would be foolish.

For the past few weeks, the S&P 500 has continued to make new all-time highs.

However, underneath the surface, there has been a shift in leadership that may be telling

us something about the future in the real world.

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