Morgan Stanley on US equities - "powerful"

CNBC had an interview a Morgan Stanley equity analyst, just a quickie:

Via YouTube:

Main points here:

• The January pull back was " ... brief, so if you blinked you missed it"
• "That looks like that was it for now, and I mean, the markets are quite powerful at the moment, and they have been"

There is:

• "tremendous liquidity
• we've got a strong economic recovery that's visible to everyone
• earnings season's been good so far...and people have bought into it

And, the obligatory caveat:

• the market remains in "a bit of a fragile state"
• leverage ... in the system could make pullbacks of 3% or 5% more of the norm