The article was all over the web within minutes. It was first published on Bloomberg’s site on the morning of March 30. “We cannot see large upside for the S&P 500 above the 825—850 level,” Morgan Stanley U.S. equity strategist Jason Todd wrote in a report yesterday. “In the rush to buy a cyclical recovery, it seems earnings or valuation no longer matters. We would be comfortable with this view if the earnings trough was closer, but it is not.” The Dow fell like a stone from the opening bell. It closed down 254: 3.5%. The S&P 500 fell by … Continue reading New World Disorder