UPDATES - Morgan Stanley: U.S. stocks overbought and risks a correction

Says the risk that a pick up in US treasury yields may spark a correction for US equities is being overlooked:

• "The market is overbought and the market is probably a little bit overvalued quite frankly because interest rates now are finally starting to catch up"

If it did fall through that's normal and presents a buying opportunity:

• "Bull markets tend to overshoot a little bit in the short term, any kind of pullbacks will probably be bought" 
• "We've had a big move, and we have to digest some of this, but that's okay that's what bull markets do."

Huh. Take what you will from these comments. The risk of higher rates? The Fed has said they are not even thinking about raising rates. I'd humbly suggest that if a vaccine-led recovery is strong enough the Fed would change its tune pretty quickly and that could be a big risk for all the  "buy the dips" folks. Not yet though.