FAST FIVE: "The Price Is Wrong": Morgan Stanley Says Bear Market Won't Be Over Until One Of Two Things Happens

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However, the median P/E was actually higher than in the late 1990s.

With the S&P 500 viewed as the most defensive and liquid equity market in the world, it attracted flows like a magnet.

For most of this year we have received strong pushback on our less bullish view on growth, until now.

Third, the quality of the earnings deteriorated as incremental operating margins rolled over for many companies and sectors, including many important large-cap technology stocks.

This combination suggests the market's focus has shifted to growth concerns – the ice – and quite frankly, it's what we've been waiting for to call an end to this bear market.

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