Stocks are in the middle of a 'pivot rally' that still has room to run, according to one of Wall Street's biggest bears

• Morgan Stanley's Mike Wilson says stocks' latest rally looks a lot like what played out in 2019. 
• At that time, the stock market was riding high on easing Fed policy, and the dynamic is the same in the latest rally.
• "The data we have today suggests to us that we are in a policy-driven, late-cycle rally."

Stocks are partying like its 2019 thanks to the Fed, and they could still run higher, according to one of Wall Street's most prominent bears.

Morgan Stanley's Mike Wilson told clients Monday that the market is riding the momentum created by the outlook for easier central bank policy on the horizon, and the expectation that last week's 25 basis-point rate hikes marked the end of the tightening cycle.