"Morgan Stanley chief equity strategist Mike Wilson, hosted a podcast noting that the recent market rally can be attributed to the pullback in oil prices and interest rates. However, the bear market is unlikely to be over since we are about to enter an earnings season where downward revisions will be the norm and the possibility for recession remains high. In our view both the fall in oil and rates are driven more by fears of an economic slowdown than a real peak in inflation which would lead to a more dovish Fed. However with markets so oversold and bearishness pervasive, equity investors have taken the bullish view and rerates stocks higher. Even taking into account the fallen 10 year yields, the equity risk premium is back below 3%, in our view that makes little sense in the context of the likely negative earnings revisions coming in the second quarter reporting season and he rising risk of recession over the next 6 to 12 months. We suggest using equity market strength over the next few weeks to lighten up further on portfolios."