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Morgan Stanley Thinks Europe's Rally Isn't Done Yet

Morgan Stanley recently published a report that argues the rally in European markets isn't over yet, despite recent Bearish activity. Using data from the American Association of Individual Investors, one can see that the market has recently become very Bearish. Here's the graph Morgan Stanley created from the data.     But this information is made more complex by another Morgan Stanley chart, which purports to show that this is merely a transitional period into the tightening phase that comes after the post-recession boom.
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