One of the most vocal bears on Wall Street Michael Wilson, chief U.S. equity strategist at Morgan Stanley, wrote in a note that now is a good time to sell and take a more defensive position, according to an article in Bloomberg. Calling the recent rebound “a vicious bear market rally,” Wilson went on to say that “it is a rally to sell.”

That pessimistic outlook comes after the S&P 500 index gained 6.2% last week, the biggest gain since November 2020, amid rising interest rates from the Fed and the continuing war in Ukraine. But even with that rally, the S&P 500 is still down more than 6% so far this year after soaring to multiple record highs last year, the article details.

Calling bear market rallies “the most vicious” of all, Wilson advised investors to take advantage of the current strength and position their portfolios more defensively. He also upgraded utilities stocks to overweight. At the same time, Morgan Stanley’s European equities team downgraded their estimated earnings growth in Europe for the year, from 10% to a mere 3%, calling MSCI Europe’s risk-reward “unappealing” in their own note, the article reports.