Morgan Stanley warns investors of S&P 500 trap and denies start of bull market.

Morgan Stanley's Mike Wilson warns that investors rushing into stocks are wandering into a bull trap, as last week's price action showed signs of panic by investors who are afraid they'll miss the next bull market. Wilson sees a dangerous trap, as market internals are much less attractive today and leadership has changed dramatically. He also warns of signs of waning consumer strength, and the possibility that raising the debt ceiling will weigh on market liquidity due to sizeable Treasury issuance seen in the next six months after it passes.