The bear market for stocks is almost over but the last phase may be 'vicious,' Morgan Stanley CIO says

• The Fed's rush to provide liquidity does not equate to quantitative easing, Mike Wilson wrote.
• "The bottom line is that we think this is exactly how bear markets end," Morgan Stanley's CIO said.
• But the last phase of a bear market can be "vicious," Wilson added in a note.

The Federal Reserve's rush to provide banks with liquidity amid a contagion crisis should not be a green light for investors to take risky bets, Morgan Stanley chief investment officer Mike Wilson said in a Monday note.

Instead — combined with a growing credit crunch and earning estimates that remain overly optimistic  — markets may be in for a dramatic decline.