Hard to find the bears these days, especially after the S&P 500 busted through 1,700 last week and is up around 20% so far this year.

Don’t look to Morgan Stanley to bare any teeth. Serving up a fresh view on stocks, Morgan Stanley’s chief U.S. equity strategist, Adam Parker, says his team remains “constructive on the market,” even though the S&P 500 index  SPX  is well ahead of what they expect.

“We expect more upside is likely and remain bullish,” Parker said in a report late Monday.

What does the MS team like? Parker says they’re overweight technology, health care and industrial stocks, with health care, not consumer staples, the highest-conviction sector call.

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