Mike Wilson hasnt changed tack. Still King of the Bears. Calling...

Mike Wilson hasnt changed tack. Still King of the Bears. Calling for 3900 for SPX at year's close, which would be akin to the Q4 2018 20% correction,  at just half the severity at 10%. Sounds to me these investors he has canvassed are simply willing the market to go up because they missed a lot of the rally over the last year.

Morgan Stanley equity strategists said: “Our sense from speaking with investors is that a majority still believe a fourth-quarter rally is more likely than not. While that confidence level may have waned a bit this past week, many are still leaning more long than they would like to reduce the probability of missing out in a year in which narrow mega cap strength has driven benchmarks.”​

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“The bottom line, the breakdown in various breadth measures, cautious factor leadership, the recent decline in earnings revisions and fading consumer confidence reduces the odds of a 4Q rally, in our view. We maintain our 3900 year end price target for the S&P 500 and believe the best way to position is a barbell of defensive growth and late cycle cyclicals.”​

Source: here.​