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The Tell: The Wall Street analyst who called this stock-market rout sees another nasty drop for the S&P 500

There is more pain in the pain trade ahead.

That is according to Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, who said, during an interview on CNBC midday Thursday, that a current market rebound belies a market that is badly damaged and ready to sink further.

Wilson describes current conditions as a “rolling bear market,” which began in February, and predicted that the S&P 500 index SPX, +1.86% could fall to between 2,450 and 2,500. That represents a roughly 7.2% to 9% drop from the broad-market benchmark’s current levels. “And we think we get their in four to eight weeks,” Wilson said.

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