# The Bull Case After the Pullback in Stocks

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/the-bull-case-after-the-pullback-in-stocks
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/the-bull-case-after-the-pullback-in-stocks.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-06-15T20:30:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/2bc5bfb3-f409-426b-8d79-e3f367c7c8de.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/2bc5bfb3-f409-426b-8d79-e3f367c7c8de.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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Duration seconds: 298

## Resource

Our CIO and Chief U.S. Equity Strategist Mike Wilson explains why the recent equity correction may be more reset than reversal and where investors may find the next opportunities. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley’s CIO and Chief U.S. Equity Strategist.   Today: Possible opportunities to look out for in the equity correction over the past few weeks. It's Monday, June 15th at 1:30pm in New York.   So, let’s get after it. Sometimes the market changes direction or leadership not because the story has broken. Instead, it just needs to digest how quickly the story has evolved.  Over the past few weeks, equities had their biggest correction since the important bottom in March. I don’t view this as the end of the bull market though. I view it as a pause after an unsustainable acceleration in two key factors driving stocks higher this year: earnings revisions and liquidity.  In my view, the market wasn’t questioning the earnings bull market as much as it is questioning the speed at which earnings have been revised higher. These revisions have been particularly strong in leading sectors like semiconductors, which also corrected the most.  When earnings revisions breadth gets north of 70 percent, it’s reasonable to ask whether the second derivative is about to slow. That doesn’t mean earnings estimates are going down. Instead, it means the rate of improvement is probably peaking, and in markets, it’s always about the second derivative in growth. Such decelerations create corrections, not crashes.  That distinction is important. Earnings revisions breadth may pause or roll over from extreme levels, but the next twelve-month earnings estimate…

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## Transcript

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