Last week, Morgan Stanley’s chief US equity strategist, Michael Wilson, doubled down on his reputation as one of Wall Street’s biggest bears, when having predicted much of the market turbulence in 2018 – which most of his peers missed – he again warned that with (1) valuations still too high and (2) earnings downside even greater than what has been priced, he expects some further deterioration in US economic data, and thinks “the S&P 500 will suffer a re-test of the lows we experienced in December, but on less negative momentum and better breadth.” Read More.