'The last few innings of every bear market are very challenging to trade as volatility becomes extreme,' Morgan Stanley warned.
There's unlikely to be a sustainable market bottom unless three conditions are met, according to Morgan Stanley. The investment bank reiterated that it expects the low for this bear market to come between 3,000 and 3,400 points for the S & P 500 , its analysts, led by U.S. equity strategist Mike Wilson, wrote in an Oct. 3 note. They added that this forecast "now skews toward the lower end.
Morgan Stanley noted that it takes a long time for the next 12 months earnings per share to fall for the S & P 500, "because it's a very high quality, diversified index and companies are loathe to throw in the towel on the future quarters until they have to." "It appears that more companies are reaching that point where they can't fight it anymore," it added. Stocks are likely headed lower without any change in strategy by the U.S.
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