A Bearish Morgan Stanley Doubles Down: Why The Bank Sees The S&P Falling Back Under 3000 [zero hedge]
Morgan Stanley (MS)
Last morgan stanley earnings: 4/16 07:15 am
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US:NYSE Investor Relations:
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Source: zero hedge
Authored by Mike Wilson, chief equity strategist at Morgan StanleyBreaking Out Is Hard To DoFor the past 18 months our call on US equities has been very consistent. After a massive bull run from April 2013 to January 2018, we suggested the US equity market was about to enter a multi-year consolidation during which the S&P 500 would trade in a wide range between 2400-3000. Since then, that range has defined the price action well with the lows in December coming in around 2350 and several attempts at 3000 on the upside that ultimately failed. We now find ourselves at the upper end of that resistance level once again, as shown in Exhibit 1. Just like in January and September last year, there appears to be growing excitement about the possibility of a break out above 3000.Each successive attempt to break out over the past 18 months has been for different reasons.In January 2018, it was about the tax cuts and the extremely positive impact that had on earnings revisions for 2019 and beyond.
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- 4/16/24 - Beat
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- 4/18/24 - Form 424B2
- 4/18/24 - Form FWP
- 4/18/24 - Form 144
- MS's page on the SEC website