The stock market had a good day today. The S&P has gained 1.63% and moderated its year-to-date losses to 19%. That rally has pushed the index up just out of bear territory. Despite these gains, at least one major bear believes that the index hasn’t bottomed out yet. Mike Wilson, Morgan Stanley’s chief US equity strategist, sees more room for the index to fall, and predicts that the S&P will hit its low point somewhere between 3,000 and 3,200 – a drop that would mean another 20% loss for stocks.