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00:00Take a listen to what Morgan Stanley's Lisa shouted at the site. Economists have begun to cut their top down economic forecasts for GDP and yet no fundamental company analysts are sitting there like deer in headlights not knowing what to do with numbers. Sitting there like deer in the headlights. Let's not cross moss. Bob Dole. He joins us right now. But let's talk about that. Do you agree with that sentiment that statement the latest shouted a moment stand might lie. I think analysts have undercut estimates now for several quarters. I think they're reluctant despite Lisa's good comment. Economic numbers are coming down so they're setting themselves up to have to take some numbers down. But I think probably in many cases wait until the quarters are released and see what guidance they get for the bad part of the year to defend corporate America. John you know they've done a great job raising prices to keep up with cost pressures and labor and transportation and raw materials. The question is how long will you and me and businesses pay those higher prices. And I think we're coming to the end of the road. So I'm going to agree earnings probably are vulnerable here so far. Walk me through what that means for this market country this summer and into the end of the year. Well I think it means it's going to be choppy healthy has to go straight down. You know we would we're in a period where perhaps good news is bad news and bad news is good news. Example last week growth was a little bit slower. Some signs maybe inflation is peaking and the market likes it takes off on the weak news. So if we get weak earnings we may offset it by some pickup in P E ratios which have gotten hammered so hard since the first leader. So I think we have a very choppy period. I do think short term we're in our third bear market rally since this bear market started and it's maybe only half over. You'll happen to call it that. But this is a bear market rally. What we've seen over the last week I don't think we've seen the bottom John. I want to see more capitulation. I want to see the VIX climb over 40. I want to see put call ratios expand. And fundamentally I would love to see some visibility on potential peak and inflation peak and interest rates and some visibility rally even close to this one on the Fed getting the end of a rate increases. That's what I'm looking for to get the final washout bottom. I think that's still in front of us.

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Stocks Have Not Bottomed Yet, Crossmark's Doll Says

Crossmark Global Investments CIO Bob Doll says US stocks are going through a third bear market rally. Speaking with Jonathan Ferro on "Bloomberg The Open," Doll also says the bear market is only about half over and a "very choppy period" is ahead for stocks. (Source: Bloomberg)

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