One day after Goldman reiterated its optimistic outlook on the market, stating that traders appear to have over-reacted to the slowdown signs emerging from both the economy and earnings, despite warning that "risks are rising to the downside" and listing various reasons why the bank's 2,850 year-end price target may not be hit, Morgan Stanley's far more bearish equity strategist, Mike Wilson, is out with his latest bearish piece, in which he pours cold water on the "cautiously optimistic" views proposed by his Wall Street peers, and reiterated that "rallies should be sold until the liquidity picture improves, valuations compress further or 2019 earnings estimates are reduced."