RIP BTFD? 
That chart shows how buying US stocks after a week of declines no longer yields positive returns, for the first time since 2002. And, as Morgan Stanley points out, buying the dip typically doesn’t work in or just before a full bear market.
Here’s Morgan Stanley’s chart showing how central bank balance sheets are now contracting fairly quickly (albeit from a huge bloated base).
MS analysts also point out how revenue missed are also starting to trend higher.
And a massive de-rating of earning expectations for growth stocks versus value stocks.
Morgan Stanley analysts think most of the damage from this stage of the “rolling bear market” is probably behind us, but a lot depends on how 2019 shapes up.
