You'd think toppling Goldman Sachs and taking over the cool kid table would make things all rosy for Wall Street's new HBIC, but it seems like Morgan Stanley is not exactly the sunniest place to be right now...
Morgan Stanley believes the dramatic drops in some high-flying technology stocks this month is further evidence the stock market will go lower.
"The weaker earnings beat from several Tech leaders and outright misses from Netflix and Facebook were simply additional support for our [defensive] call," chief U.S. equity strategist Michael Wilson said in a note to clients Monday.
But at least the pain will be widespread!
And the average investor could suffer even more this time, Wilson said.
"We think a coming correction will be biggest since February, although it could very well have more of a negative impact on the average portfolio if it is centered on Tech, Discretionary, and small caps," the note said.
Happy August, you monsters!