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While US investment bank Morgan Stanley is confident stocks will continue to climb, it has identified four key threats for the bull run?

ASX. Afr. Generic. 110615. Pic by Michel O'Sullivan.
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While US investment bank Morgan Stanley is confident...
Scenes in Westpac bank's foreign exchange division in Martin Place on 12 December 1983, the day the Australian Dollar was floated.
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Scenes in Westpac bank's foreign exchange division...
Scenes in the National Australia Bank's dealing room on 12 December 1983, the day the Australian Dollar was floated.
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Scenes in the National Australia Bank's dealing room...
Scenes in Westpac bank's foreign exchange division in Martin Place on 12 December 1983, the day the Australian Dollar was floated.
FXT308018
Scenes in Westpac bank's foreign exchange division...
Scenes in the National Australia Bank's dealing room on 12 December 1983, the day the Australian Dollar was floated.
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Scenes in the National Australia Bank's dealing room...
Scenes in Westpac bank's foreign exchange division in Martin Place on 12 December 1983, the day the Australian Dollar was floated.
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Scenes in Westpac bank's foreign exchange division...
Floating the Australian dollar changed life on a dealing desk.

Scenes in the National Australia Bank's dealing room on 12 December 1983, the day the Australian Dollar was floated.
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Floating the Australian dollar changed life on a dealing...
The Westpac foreign exchange trading room team, November 12, 1983, Mike Bailey, Paul Smith, Mark Putnam, chief foreign exchange manager, Peter Chan (facing camera), senior spot aussie trader, Geoff L
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The Westpac foreign exchange trading room team, November...
IG market strategist Stan Shamu says sentiment has shifted to the short side.
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IG market strategist Stan Shamu says sentiment has...
The dollar was buying US93.
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The dollar was buying US93.
A NEW HOPE: expectations are high that President Hassan Rouhani will be able to challenge Iran?s Islamic diehards.
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A NEW HOPE: expectations are high that President Hassan...
Cash economy participants are cheating the community, says Tax Commissioner Michael D'Ascenzo.

Stealing. AFR Pic. Andrew Quilty. 031006
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Cash economy participants are cheating the community,...
NO CAPTION

STOCK EXCHANGE.  AFR FIRST USE.  030530.  PIC: ANDREW QUILTY.
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NO CAPTION

STOCK EXCHANGE. AFR FIRST USE. 030530....
The Sydney trading room at UBS yesterday: barely a ripple after the expected news.

Trading Room. Image from the trading room at UBS. 5 February 2008. AFR Photo by Andrew Quilty.
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The Sydney trading room at UBS yesterday: barely a...
Contracts-for-difference allow investors to bet on rises and falls without actually owning the shares.

ASX. The Australian Stock Exchange on a day that saw the majority of stocks rising in value
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Contracts-for-difference allow investors to bet on...
Online brokers continue to gain market share in Australian trading.

Generic  Commsec, trading, stocks, shares, sharemarket, public company.   Commsec. The Commsec trading floor. 

20 November 2006
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Online brokers continue to gain market share in Australian...
Adjusted: Much of the bad news has  already been factored into the market

ASX. Inside the foyer of The Australian Stock Exchange and a day when the all ordinaries took a plunge.
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Adjusted: Much of the bad news has already been factored...
Trading frequency and average trade size have gone up with the market.

ASX. Graphs of a climbing stockmarket seen at The Australian Stock Exchange in Sydney. AFR Photo by Andrew Quilty.
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Trading frequency and average trade size have gone...
ASX. Graphs of a climbing stockmarket seen at The Australian Stock Exchange in Sydney. AFR Photo by Andrew Quilty. 29 June 2012.

4K3C6331.
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ASX. Graphs of a climbing stockmarket seen at The Australian...
Australia?s ageing financial system needs to be strengthened with modern solutions.

AFR MAG.  Generic Pic of UBS Trading FLoor Level 2 Chiefly Tower Sydney.  Pic by Nic Walker.  Date 27th July 2012.
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Australia?s ageing financial system needs to be strengthened...
Generic one hundred dollar notes, money, cash, Australian Dollars, currency.
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Generic one hundred dollar notes, money, cash, Australian...
Frenzied selling on the floor of the Australian Stock Exchange, as traders realise the extent of that Black Tuesday in 1987.
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Frenzied selling on the floor of the Australian Stock...
Now and then...investors outside the stock exchange yesterday..

STOCK EXCHANGE;971020;SYDNEY.SMH NEWS STORY BY PAUL SHEEHAN.PHOTO BY PETER RAE.
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Now and then...investors outside the stock exchange...
The ASX's automated trading system was out of action for more than three hours
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The ASX's automated trading system was out of action...
Budget Stress Money and Dollar Cartoon
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Budget Stress Money and Dollar Cartoon
Stock Exchange in Sydney.
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Stock Exchange in Sydney.
GENERIC money, purse, savings, bank,
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GENERIC money, purse, savings, bank,
Age file pic. Chalkies posting
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Age file pic. Chalkies posting
Sydney Stock Exchange, 1968
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Sydney Stock Exchange, 1968
The good old days, and
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The good old days, and
The photo shows busy trading
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The photo shows busy trading
A chalkie is shown wiping
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A chalkie is shown wiping
Sydney Stock Exchange, 1968
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Sydney Stock Exchange, 1968
Trading was brisk at the
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Trading was brisk at the
Simon Bond, Associate Director ABN
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Simon Bond, Associate Director ABN
Baby with credit card and
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Baby with credit card and
SectionsEd-SMH
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SectionsEd-SMH
A crowd stand in front
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A crowd stand in front
The Australian Stock Exchange, ASX,
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The Australian Stock Exchange, ASX,
Generic asx, australian stock exchange,
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Generic asx, australian stock exchange,
Stock Exchange board showing a
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Stock Exchange board showing a
Australian Stock Exchange in Sydney,
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Australian Stock Exchange in Sydney,
Chinese women walking past the
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Chinese women walking past the
Generic hedge with umbrella, 29
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Generic hedge with umbrella, 29
A businessman stands with his
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A businessman stands with his
ASX set to close over
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ASX set to close over
ASX set to close over
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ASX set to close over
Portrait of Claire Linton-Evans for
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Portrait of Claire Linton-Evans for
Investors observe the trading board
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Investors observe the trading board
Investors observe the trading board
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Investors observe the trading board
Investors observe the trading board
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Investors observe the trading board
Australia Stock Exchange
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Australia Stock Exchange
Australian Stock Exchange, 14 April
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Australian Stock Exchange, 14 April
Displaying red as prices go
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Displaying red as prices go
Investors observe the trading board
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Investors observe the trading board
Notes and coins, 15 September
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Notes and coins, 15 September
Gold flakes shaped as a
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Gold flakes shaped as a
An investor observes the trading
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An investor observes the trading
An investor watches the board
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An investor watches the board
The floor of the Sydney
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The floor of the Sydney
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