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Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of the trading year on December 31, 2018 in New York City.
Stocks have bounced back from their multi-year lows and valuations have reached an attractive level for the first time in years, but investors still can’t go all in.
That’s the advice from Morgan Stanley’s chief equity strategist Michael Wilson, who recommends buying cyclical stocks like financials and energy when the market finally finds a bottom. That is when the earnings revision breadth bottoms.