On October 13, Mike Wilson of Morgan Stanley published a research note arguing that the equity correction that began in June is a transition to mid-cycle and may be close to over. He flags financials' relative performance and bond volatility as the signals to watch. By October 27 he had sharpened the call, saying 80% to 90% of the correction's breadth destruction has already happened, with $8,300 his May target. The debate over whether the correction is truly ending remains open.