MS communicating bullish tone on Sunday´s cross-asset call. Remember that they switched to “constructive” last Sunday, which in hindsight was a perfect bottom-picking call.

1. Monday lows will hold

2. will not get an equally “fat pitch” again in this cycle

3. Fiscal & Monetary response better than expected and will be enough

4. the liquidation event / capitulation event has already happened

5. one should buy the dips from here

6. one can make the case for $150 in S&P500 EPS for 2021 and then market is not expensive

7. will look for increased dispersion / change of leadership in market from now (no signs yet). Bet is that “large” and “growth” will be more vulnerable on the single stock level from here

8. extreme observation of fear last week: December SPX put with strike 1000 traded at 1.5%