We need to see sustained oil prices lower, says UBS' Alli McCartney

• Current market rally is largely due to short covering, not renewed risk-taking.
• Positive factors include a 17% earnings season with unusual breadth and ISM Manufacturing PMI entering expansionary territory.
• Key bearish concern remains the price of oil and its long-term macro effects, especially on consumers.
• Sustained lower oil prices and upcoming April/May consumer data are needed to confirm genuine risk-taking.

Alli McCartney of UBS Alignment Partners discusses the current market rally, attributing it primarily to short covering rather than genuine renewed risk-taking. While acknowledging a strong earnings season and broad market participation, she highlights persistent concerns about high oil prices and their potential long-term macro effects on consumers, particularly outside the US.