Welcome to Thoughts on a Market.

I'm Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist for Mortgage

Stanley.

A lot of my colleagues bring you a variety of perspectives.

I'll be talking about the latest trends in the financial marketplace.

It's Monday, March 29th at 12.30 p.m. in New York.

So let's get after it.

At this point, the bullish narrative of a fading pandemic, reopening economy, and plenty

of stimulus is very much the consensus view.

That doesn't make it wrong, but markets are discounting machines and may already reflect

the speed and scope of recovery at this point.

So far, in 2021, equity markets have continued to advance, but with sharp rotations that have

left many portfolios upside down like the participants who decide to run with the bulls

every year in Spain.

Much of these rotations were fundamentally triggered, but fueled by technicals on price

momentum.

So what's next?

As the economy actually reopens, we are likely to see consumers behave the way investors

have acted over the past year.

As we've stated many times, it's much easier to turn off an economy than it is to start

it up.

As a result, some consumers and businesses are likely to be stampeded as a deal with

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