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The Morgan Stanley equities strategist who has twice in five months correctly called turns in the stock market on Monday dropped his bullish message, warning that the growing credit crunch could lead to a recession. Teun Draaisma, head of the investment bank’s equity strategy team, advised investors to cash in recent profits in equities and said cash was now the investment class of choice. Draaisma’s equity team told investors to sell equities in June, just before the market slid, and to buy in mid-August, just before the market resumed its climb. Click here to read details of Draaisma’s predictions on FT Alphaville.