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Morgan Stanley analysts eyed the.....>

US TSYS/STOCKS
US TSYS/STOCKS: Morgan Stanley analysts eyed the markets and said, "if it feels
more idiosyncratic, it is." They added that "macro and micro correlations remain
unusually low. This is consistent with a 'late-cycle' set-up and reinforces our
preference for equity over credit." 
- They added that the "'correlation crash' is still with us: Macro and micro
correlations remain significantly lower than one, three or five years ago. It is
an important reason why volatility remains so stubbornly low, even after last
week's moves." 
- They said this is "consistent with 'late-cycle'" as "the last time macro and
micro correlations were this low was 2005-07. That's no accident; we think there
are good fundamental reasons why correlations tend to be lower, and
idiosyncratic risk higher, late in the cycle."

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